Public advised to consult financial management agencies like AKPK

KUALA LUMPUR: The rakyat is encouraged to engage with financial management agencies such as the Credit Counselling and Debt Management Agency (AKPK) to avoid bankruptcy especially during the global economic uncertainty.
Deputy Finance Minister I Datuk Othman Aziz said although some have blamed the economic slowdown as a reason for not being able to pay up loans, there are also other reason that contributes to the public being bankrupt.
"There are many reasons (for being bankrupt), some cited the economic crisis,but actually it is a personal economic problem that makes people bankrupt.
"To avoid bankruptcy, it's more of a discipline to pay back loans, and from the ministry's point of view, we want agencies like AKPK to play a more aggressive role to help people in sorting out their problems," Othman said during a press conference after a working visit to the AKPK headquarters here.
AKPK is an agency set up by Bank Negara Malaysia in April 2006 to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit.
Meanwhile, Othman said the banking industry has forecasted that the ringgit will rebound to a fair value of 4.1 against the US dollar in the third quarter of the year.
This is based on the improved trend of commodity prices such as rubber and palm oil, as well as steady economic fundamentals.
As of 1.11pm on Thursday, the ringgit stood higher at 4.4840/4890 against the US dollar, after opening at 4.4870/4900 at 9am, following improved oil prices which are expected to rake in higher revenue for the government.
"This is a cycle and it is not the first time we are experiencing this, because we have seen the worst level of RM5.3 (to the US dollar) before,," Othman said.
When asked on how to convince foreign investors to invest in this country, Othman said the industry needs to "brace through" the economic instability landscape until US President-elect Donald Trump's swearing-in ceremony on Jan 20.
"Some people say something worse will be coming, but we will first wait for Trump's swearing in. What you are hearing now is not a firm thing, it's just hearsay," he added.