Press Release

Date: 
22-09-2015
1MDB confident Ringgit will recover
1MDB confident Ringgit will recover
Category: 

1MDB confident Ringgit will recover

We refer to media reports on certain statements made by Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz, the Governor of Bank Negara Malaysia at a forum on 21 September 2015.

1MDB is disappointed that Tan Sri Zeti appears to single out 1MDB for the current weakness of the Ringgit. This is despite the well-known fact that the Malaysian Ringgit is one of many currencies including the Norwegian Kroner, the Australian Dollar, the Russian Rouble and the Brazillian Real, for example, that have dropped in value mainly due to the abrupt fall in oil prices, expectations of rising US interest rates and concerns of economic slowdown in emerging markets.

We take this opportunity to highlight that the value of 1MDB's assets exceeds its debt. Furthermore, Tan Sri Zeti will be aware that 1MDB has consistently met, with no default, its interest service and principal repayment obligations, to both foreign and domestic lenders.

Historically, never once has one company been linked in such a way to the value of the Ringgit. We trust that the facts shared by 1MDB and the immediate clarifications issued to date, will provide clarity and assurance to all concerned parties.