1MDB today expressed its disappointment with Bank Negara governor Zeti Akhtar Aziz for singling out the sovereign fund for the current weakness of the ringgit.
It is a well-known fact that the ringgit is one of many currencies including the Norwegian korner, the Australian dollar, the Russian rouble and the Brazillian real, 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, it said.
“We take this opportunity to highlight that the value of 1MDB's assets exceeds its debt,” 1MDB said in a statement today.
“Furthermore, 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,” it added.
Historically, the sovereign fund said, there is never once has one company been linked in such a way to the value of the ringgit.
It expressed hope that the immediate clarifications issued by 1MDB to date will provide clarity and assurance to all concerned parties.
Zeti had stated that the ringgit will recover if 1MDB sort out its problems, as reported yesterday.