Check this out, the position at 28-29 September, courtesy of The Edge.
|Change so far in 2015|
|Currency||Latest bid||End prev year||% Move|
And the end is not in sight. Another key test looms this week.
Reuters reports that as RM11bn worth of Malaysian government bonds mature on Wednesday, foreign investors, who hold 45 per cent of outstanding bonds, could pull up to another billion US dollars out of Malaysia’s bond markets rather than reinvest.
This could push the country “a step closer to a currency reserves crisis that would send shudders across the region”.
Although Najib has denied any wrongdoing, a series of international investigations are under way into 1MDB’s affairs.
In the meantime, weak prices for Malaysia’s liquefied natural gas exports are eating into its trade surplus, there are concerns about its ability to repay its massive short-term foreign debt and the banking system has seen an erosion in ringgit deposits.
What will it take to stem the slide in the ringgit, which has also nudged up the prices of imported groceries.
Meanwhile, Shell Malaysia is laying off 1,300 upstream jobs out of its total workforce of 6,500 over the next two years.
And where is our Finance Minister?