Ringgit flight continues, currency hits fresh 17-year low
International reserves fall to US$94.5b - still a comfortable level, says central bank
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Kuala Lumpur
THE ringgit tumbled by about one per cent against the US dollar to 4.1855 on Friday, as investors shrugged off Prime Minister Najib Razak's assurances the day before that Malaysia's economic resilience would see it through the current political and currency crises without the need for capital controls or a currency peg.
The currency tumbled to a new 17-year low ahead of Bank Negara's release of its international reserves as at Aug 15. As expected, they have continue to decline; over the past fortnight, US$2.2 billion has been erased. They now stand at US$94.5 billion, enough to finance 1.0 times external short-term debt and 71/2 months of retained imports.
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