LIM GUAN ENG MISLEADING PARLIAMENT ON THE AMOUNT OF INTERNATIONAL RESERVES

LIM GUAN ENG MISLEADING PARLIAMENT ON THE AMOUNT OF INTERNATIONAL RESERVES

GERAKAN NATIONAL PRESIDENT
DATUK DR DOMINIC LAU HOE CHAI

OCTOBER 31, 2019

Gerakan President Datuk Dr Dominic Lau Hoe Chai lambasted Finance Minister Lim Guan Eng had been compulsive lying and even lying on the amount of country’s international reserves. He said Lim quoted the amount in Ringgit which depreciated against the US Dollar to put feathers in his own cap.

Responding to a question from Jonathan Yasin (PH-Ranau) on Malaysia’s reserves position as well as income and expenditure amounts in 2018, Lim said Malaysia’s international reserves increased to RM432.7 billion, compared to RM419.6 billion last year. But in fact, Malaysia’s reserves has been reduced by as much as US$6.2 billion this year.

"I don't understand why the Finance Minister wants to deceive the people. He calculated the international reserves in Ringgit, which was seriously depreciated against the US Dollar. This misled the people that he had good financial management to increase the country’s international reserves. But in fact, you can see the truth when you convert this amount into US Dollar."

Gerakan President Datuk Dr Dominic Lau Hoe Chai made a statement today.

He pointed out that according to international practice, international reserves were calculated in US dollar. According to the statement issued by Bank Negara on 7 May 2018, Malaysia’s international reserves before GE14 was up to US$109.5 billion; and a statement by Bank Negara on 22 October, as of 15 October 2019, Malaysia's international reserves have been reduced to US$103.3 billion.

"If we calculate in US Dollar, our international reserves reduced by US$6.2 billion in 2019.  I really don't understand why the Finance Minister happily announced the amount. Gerakan wants Finance Minister to explain this."

Gerakan President Datuk Dr Dominic Lau Hoe Chai also required Dewan Rakyat to refer Lim Guan Eng to its Privileges Committee due to Lim’s answer was suspected misleading Parliament.

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