More students should be encouraged to consider studying for their degrees locally to help stablise the Ringgit’s value in the long-term.
According to Assoc Prof Dr Jaafar Pyeman, the director of UiTM Arshad Ayub Graduate School of Business, a large number of Malaysians go overseas in August and September every year to study.
“The ringgit is exchanged for the currencies of the countries these students are heading to, hence the money is being taken out of Malaysia’s economy and pumped into the economies of these countries.
“Simply put, we end up with less control of the demand and supply of our Ringgit, therefore the Ringgit may be prone to depreciation,” he explained.
To counter this, Malaysians should think local in term of education, said Dr Jaafar, especially now that many universities are offering courses in collaboration with popular international universities.
Taking up international degrees locally, instead of going overseas, would contribute to the local economy, and help strengthen the Ringgit’s value over time.
Read this: How does the depreciating Ringgit affects all of us?
“For the Government, instead of sending all its scholars overseas, it can choose public universities, many of which are recognised by international tertiary institutions as well as industries on a global scale.
“For instance, UiTM’s Master of Business Administration (MBA) programme, which is in collaboration with the Massachusetts Institute of Technology, costs only RM10,000 for a one-year course.
“The same course overseas, by the same international institution, costs around RM100,000 at the very least,” he said.
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