Friday 29 Mar 2024
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KUALA LUMPUR (July 22): Bank Negara Malaysia’s international reserves rose 0.1% to US$97.3 billion (RM390.8 billion) as at July 15, 2016, from US$97.2 billion (RM390.4 billion) as at June 30.

In a statement, the central bank said the reserves position now is sufficient to finance 8.2 months of retained imports and is 1.2 times the short-term external debt.

The main components of the international reserves were foreign currency (US$89.3 billion); International Monetary Fund reserves position (US$800 million); Special Drawing Rights (US$1.2 billion); gold (US$1.5 billion) and other reserve assets (US$4.5 billion).

The ringgit depreciated to its weakest level against the U.S. dollar today at 4.0730, on crude oil's overnight price drop, as investors reacted to U.S. authorities' probe on 1Malaysia Development Bhd (1MDB).

U.S. prosecutors are planning to seize more than US$1 billion (about RM4.07 billion) worth of assets, which they alleged was linked to money stolen from 1MDB. Such sentiment has prompted foreign investors to sell ringgit-based assets.

Reuters reported crude oil futures rose in quiet Asian trading on Friday, but gains were limited, following big falls in the previous session, as investors reassessed U.S. data underlining the glut in petroleum, while Iraqi crude exports are on the rise.

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