The Malaysian ringgit is headed for its biggest weekly drop in 10 months due to lower crude oil prices and the controversial reports involving 1MDB.
After months of being in a currency quagmire, due to the 1MDB scandal and also the sliding price of crude oil affecting Asia’s only net oil exporter, the Ringgit has now become the region’s “best performing currency” overnight.
Foreign workers are asking for an increase in wages to make up for the lower value of the Ringgit.
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Malaysians will need to be prepared for more costly medicines in the near future due to the weak Ringgit.
Ringgit remains under pressure due to weak oil prices and devaluation of the Chinese Yuan.
Currencies in Indonesia and Malaysia have been declining in value over the past year, and the interest rate increases in the US may push them down further.
Proton is considering increasing the prices of its cars starting January 2016, due to the weakening Ringgit.
Malaysian arents whose children are schooling in Singapore will have to fork out more because of the weakening ringgit, and the Singapore school fees hike.
Malaysian students abroad who are facing financial issues due to the weakening Ringgit could opt to study in local universities.