Penang Chief Minister Lim Guan Eng questioned if reports from Bank Negara or government on the country’s financial situation were reliable as they were based on the old exchange rates.

He also questioned if reports of the 11th Malaysian Plan could still be used for reference.

“All these publications may no longer be accurate or relevant as the situation now compared to a year ago is very different,” Lim ( photo ) said at a press conference today.

“This shows the impact of 20 percent drop in ringgit on us, where the ringgit is the worst performing currency in Asia, it is even worse than Thailand,” he added.

Lim was referring to the ringgit’s weakening beyond 4 to the dollar for the first time since 1998.

The Bloomberg report said this happened “as investors flee the nation’s assets amid a slowing economy and controversy over finances linked to Prime Minister Najib Abdul Razak”.

Bloomberg also stated that the currency has lost about 20 percent in the past 12 months in Asia’s worst performance.

World economy valued by US dollar

Najib has been embroiled in a controversy after a RM2.6 billion donation was deposited into his private bank accounts instead of the account of the party he heads - Umno - before the 2013 national polls.

As Finance Minister, Najib ( photo ) has also been seiged by questions surrounding the debt-laden 1MDB, a state sovereign fund.

Lim said the world economy is valued by US dollar and not by ringgit, as the greenback is the international currency.

Globally, the wealth of all Malaysians have also dropped by 20 percent, he claimed.

“All the reports by the government are based on previous exchange rates, so how can we use the date anymore?” he asked.

“This is how we are suffering, do not say we do not suffer,” he warned.

Lim said the situation would worsen at the end of the year when inflation kicks in.

He reiterated that the fall of the ringgit has set Penang back by five years from achieving a high income economy.

“We all cannot go overseas now, the only place we can go to is Penang,” he said.