THE sliding US dollar may bring cheer to importers and those with US dollar debts but it is bad news for our exporters. With the US dollar weakening, it makes sense for local companies to start quoting their exports in ringgit.

Kuwait abandoned the dollar peg in May due to its weak buying power. In November, the Central Bank in South Korea urged shipbuilders to issue invoices in won.

At the Taj Mahal, tourists have to pay for their tickets in rupees as the dollar is no longer accepted.

Against the US dollar, the ringgit has strengthened by 6.8 per cent, from RM3.50 in Jan 2, 2007, to RM3.20 on Jan 3 this year.

That being the case, why should our export business continue to be denominated in dollars? Why not use the ringgit instead?

Likewise, Malaysians going overseas should carry the currency of the country that they are visiting or euros.

S.M. MOHAMAD IDRIS, Consumers’ Association of Penang

Source: NST – January 11, 2008