Ringgit hits 16-year low over Najib corruption raps

Malaysia’s ringgit hit a 16-year low Monday, July 6 on growing political uncertainty, following allegations that a probe into a state investment fund found hundreds of millions of dollars were transferred into prime minister Najib Razak’s personal accounts. The Wall Street Journal reported on Friday that government investigators had uncovered nearly $700 million that moved through government agencies, banks, and companies linked to state-controlled investment fund 1Malaysia Development Bhd (1MDB). Najib, who chairs the advisory board of 1MDB, dismissed the allegations as “political sabotage.” Najib is struggling to fend off a persistent campaign for his ouster by influential former prime minister Mahathir Mohamad.

Read more on Malaysia’s political uncertainty.