SHAH ALAM, 3 Sept: The value of the Malaysian Ringgit is now still at the weakest point and is at 4.22 against the US Dollar today.
The ringgit was pegged at 3.80 a Dollar in 2998 during the Asian financial crisis.
The Malaysian exchange rate this year was the worst due to the controversy of the country’s investment company 1Malaysia Development Berhad (1MDB).
The Wall Street Journal (WSJ) reported that about US $ 700 million (RM2.6 billion) from various entities associated with 1MDB was channeled into the Prime Minister’s bank account on July 3.
The PKR Investment and Trade Bureau, Wong Chen, previously said that the country’s export value did not show any significant improvement despite the depreciation of the Ringgit.
“For the first half of 2015, the total national export was only RM368 billion, which is RM12 billion lower than the same period in 2014 (RM380 billion).This happened despite the Ringgit being worth 11 percent lower in the first half of this year compared to the first half of 2014.
He said that the findings were worrying because it is contrary to the previous year.
“The ringgit that was six percent lower in the first half of 2014, compared to the first half in 2013, resulted in an increase in the export value of RM42 billion for the first half of 2014 compared to the first half of 2013,” he said.
NS
