Join our daily newsletter At The Bell to receive exclusive market insights
- Malaysia’s Prime Minister Muhyiddin Yassin is expected to resign on Monday after conceding he does not have the numbers to win a confidence vote
- The Prime Minister has been under pressure from opposition members of parliament and protesters over the handling of the COVID-19 crisis
- Following reports of the imminent resignation on Sunday, the Malaysian Ringgit – which has been trending downwards – dipped to its lowest in a year
- Similarly the FTSE Bursa Malaysia KLCI Index is down 0.55 per cent today at 2:41 pm AEST
Malaysia’s Prime Minister, Muhyiddin Yassin, is expected to hand in his resignation to the King on Monday, following a special cabinet meeting.
The Prime Minister has been under pressure from both opposition members of parliament and protesters over the government’s handling of the COVID-19 crisis.
Two weeks ago, hundreds of people took to the street of Kuala Lumpur, frustrated by the rising number of COVID-19 infections as well as a prolonged lockdown which left people struggling financially.
Opposition leaders have also called for the Prime Minister, who took office in March 2020, to step down. After conceding on Friday he did not have the numbers to win a vote of no confidence, the Prime Minister offered political and electoral reforms in a bid to gain votes, but to no avail.
Local media organisation Malaysiakini reported yesterday that Prime Minister Muhyiddin had told MPs he would step aside on Monday.
Following reports of the imminent resignation, the Malaysian Ringgit dipped to US$0.2357 on Sunday, its lowest since July 2020.
Similarly, in Monday’s session on the local stock exchange, the Bursa Malaysia, shares declined. The FTSE Bursa Malaysia KLCI Index was down 0.55 per cent at 2:41 pm AEST.
