In spite of evidence showing that our ringgit has generally revalued in terms of other currencies because of it being pegged to the weakened US dollar, the Bank Negara governor has deemed it fit to let it be.

As a layman, what I have read seems to be repeated statements made by Paul Low, representing the exporters who are benefitting from a cheaper ringgit, which effectively make our exports more competitive.

For every exporter enjoying this bonus, there is an importer faced with more expensive foreign goods. The prices of raw materials imported have slowly but surely risen which fuel inflation. Then there are those imported goods with increasing prices which some may argue are luxury items.

We also have thousands of students studying overseas whose parents are feeling the pinch from unfavourable exchange rates. Here again, some may argue that they asked for it.

Our government seems to be pre-occupied with improving trade balances and increasing foreign direct investments, which are directly attributable to the cheaper ringgit. To my simple mind, this is only one side. With rising inflation as a result of more expensive raw materials and goods, we have a situation where the majority of the population is subsidising the few exporters and some foreign opportunistic investors who happen to be employers, and therefore much favoured by the government.

Though it is undeniable that the ringgit peg has helped to stabilise trading activities and remove uncertainties, it should be reviewed every few years if there is evidence to prove that the fixed exchange rate is already substantially out of synch with the true situation.