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Bonds prices fall, ringgit dwindles again




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Dwindling Sukuk gets boost thanks to the Islamic Development Bank (IDB), but the local currency is on a slide with the shadow of looming.
The IDB plans to sell local currency Islamic bonds (sukuk) in the Malaysian market this year after a three-year hiatus, the head of the Jeddah-based multilateral lender told Reuters.
The deal would be the fourth ringgit-denominated sukuk from the AAA-rated IDB, one of the largest issuers of sukuk alongside the governments of , Indonesia and Qatar.
However, ’s ringgit fell to its weakest in more than five weeks, bent by a stronger US dollar, and also due to negative sentiments following .
The ringgit lost as much as 0.6 percent to 4.0100 per dollar, its weakest since March 29, tracking its weakness in overnight non-deliverable forwards (NDFs) markets.
Most of Malaysia’s government bond prices also fell.
This has been a bad week for Malaysia, despite the dissolution of the 1MDB advisory board, while the Ministry of finance accepted the resignation of the 1MDB board of members.
Image: courtesy of shutterstock.com

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