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Tuesday, 30 June 2015

Malaysian ringgit at lowest level in a decade

Concerns about Greece have caused investors to shift money from risky assets to safer harbours. The trend isn't doing any favours for the Malaysian ringgit.
The ringgit lost 0.4 per cent today, a fourth straight decline, to 3.7838 per dollar. In less than a year the currency has shed a fifth of its value as the economy slows, the collapse in oil prices hits government revenues, and the country's political future becomes less certain amid bitter infighting in the ruling coalition as well as the opposition.
A more immediate concern is that Malaysia may lose its A- credit rating from Fitch. The credit rating agency promised last week it would cut or affirm its rating by the end of the month (tomorrow). A cut looks likely: Fitch already has a negative outlook on Malaysia and last week it issued a broad report warning the entire Asia Pacific region of rising pressures as the Federal Reserve prepares to lift interest rates.
Among its concerns:
An ongoing leveraging-up of the economy, particularly in the broader public sector and households, and weakening macro fundamentals due to a widening savings investment gap.

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