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Saturday, August 15, 2015

RINGGIT PLUNGE: Najib also to blame, 1MDB is a key factor - Muhyiddin

RINGGIT PLUNGE: Najib also to blame, 1MDB is a key factor - Muhyiddin
Umno deputy president Muhyiddin Yassin today acknowledged several factors affecting the falling value of the ringgit but zoomed in on the 1MDB scandal as a key factor.
"The reason is not because of the increasing value of the (US) dollar or our decreasing commodity and oil prices alone [...]. What has caused it are political issues.
"1MDB has had the impact of making people lose confidence in us.
"Malaysia is a good place to invest, but investors don't want to because the ringgit is not stable and they choose to wait," he said to about 2,000 Semporna Umno division members today.
This was despite Najib on Tuesday blaming four factors for the weakening ringgit which now stands at over RM4 to a US dollar.
In Najib's explanation, he did not make any reference to 1MDB but had accused excessive political play and speculation that had eroded confidence in the government.
He had also blamed the ringgit's decline on China's move to devalue the yuan, the anticipated interest rate hike in the US, and the fall in comodity prices. - M'kini

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