SHAH ALAM, 24 Sept: The Malaysian Ringgit continues to decline against the US Dollar at RM4.38 this morning.
As of 12 noon yesterday, the local unit was at 4.31 against the US Dollar from the previous day’s closing at 4.29.
The ringgit continued to decline last night at 4.34 against the US Dollar and continued to fall until the opening today.
This situation coincides with the expectations of the Bank Negara Governor, Tan Sri Dr Zeti Akhtar Aziz, that the ringgit will continue to decline due to the controversy of the national strategic investment company, 1Malaysia Development Berhad (1MDB).
She said that the ringgit will only recover if the 1MDB scandal and political uncertainty is resolved.
The exchange rate is Malaysia’s worst this year due to the controversy of 1MDB, which is being chaired by the Prime Minister, Datuk Seri Najib Razak.
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.
NS
