THE Malaysian ringgit has slumped against the US dollar to a level not seen since the Asian financial crisis – a quarter of a century ago. Against the Sing dollar, it has also hit fresh lows repeatedly over the past year.

As the beleaguered currency headed dangerously close to its all-time low of 4.885 against the US dollar in January 1998, Bank Negara Malaysia (BNM) governor Abdul Rasheed Ghaffour issued a statement blaming “external factors”.

“The current level of the ringgit does not reflect the positive prospects of the Malaysian economy going forward,” he said.