Ringgit decline worries Nazir Razak

CIMB group chairman Datuk Seri Nazir Razak today expressed his concern over the decline of Ringgit, which on Wednesday had weakened beyond 4 to the dollar for the first time since 1998.

"Terrible time to be distracted by politics and so much negative international media coverage. Our best, most credible & crisis experienced finance team need to be put in front of markets urgently," he wrote on his Instagram.

Nazir is also the brother of Prime Minister Datuk Seri Najib Razak.

nazir razak

(A screenshot of Nazir's instagram)

China’s surprise devaluation of the yuan has lumped more pressure on the ringgit on speculation policy makers will favor weaker exchange rates to prop up faltering exports.

Malaysia is already reeling from slumping Brent crude prices that have cut government earnings for the net oil exporter, and a looming U.S. interest-rate increase.

However, the ringgit, on a downtrend of late, took a breather today with a mild rebound against the US dollar in the early session, dealers said.

At 9.30 am, the Ringgit was quoted at 3.9900/9970 against the greenback from 4.0375/0415 at 5 pm yesterday.