07.07.2015 - Malaysia currency hits 16-year low amid political crisis
Malaysia's ringgit hit a 16-year low on Monday (Jul 6) on growing political uncertainty following allegations that a probe into a state investment fund found hundreds of millions of dollars were transferred into the prime minister's personal accounts. The currency dropped 0.8 percent to 3.8088 against the greenback in Kuala Lumpur, the lowest level since May 1999. The currency was fixed at 3.8 to the US dollar in 1998 during the Asian financial crisis after it slumped 35 percent the previous year. The peg was dropped in 2005. Malaysian stocks were also down 1.3 percent, in line with regional markets that have been roiled by the Greek debt negotiation saga...............................................Full Article: Source
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