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Economist Jomo Kwame Sundaram said the ringgit's steady decline over the past 18 months cannot be attributed only to falling crude prices. He pointed to a loss of confidence in the government as the 1MDB scandal widened.
The ringgit had slid nearly 5 percent since November 9, and foreign reserves fell by nearly US$2 billion in two weeks.
Confidence-driven capital flight weakens the ringgit and raises USD/MYR, which increases the local cost of dollar-priced feed imports.
malaysiakini.comDec 8, 2016Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
