| Malaysia's ringgit plunged Monday to levels not seen since the late 1990s Asian Financial Crisis, taking a double whammy from the dual dramas of domestic corruption allegations and Greece. "There's global uncertainty, global risk aversion hurting the currency already," Jesper Bargmann, head of trading for Asia at Nordea Markets, told CNBC.
But a continuing political scandal over controversial state investment fund 1Malaysia Development, or 1MDB, "is going to go on for quite some time to create even more uncertainty. So there's not a lot of investor appetite for Malaysia right now." "The 1MDB scandal -- and it is still an unfolding scandal -- shows the government has not come clean completely. They're not transparent. There's no clarity," Wong Chen, a member of Malaysia's parliament from an opposition party said...............................................Full Article: Source
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