RatesFX: Daily foreign exchange rates, information about currencies and currency markets
The US dollar is the most important currency here simply because commodities are priced in USD and world trade is dominated by the use of USD.
Dealers are forecasting in 3 months that Ringgit will hit a new high of 4.3246 against the dollar down to a low of 3.8276. Aduhai...
Even while Japan is busy printing tonnes of Yen, we are still weakening against it. Yesterday I was at the money exchange, the Ringgit was around RM3.855, today it's already RM3.873! This is live rates btw. Aduhai...
BNM has burned $30 billion of our reserves (in less than a year!) to defend the Ringgit and yet the currency is still falling. Please note that this is $ (dollar) so it's more than RM 100 billion. Aduhai....
Our half-past-six minister to tell all how fabulous it is to have weak ringgit. The country can export more and increase foreign investments. Weak ringgit also encourages tourists. That’s why Uganda, Madagascar, Siera Leone, Zimbabwe are such a paradise.
I have said this before (see below). Now if the MYR really plummets more, capital controls might follow. The interest rate gun will be used as a last resort (like how Russia & Greece did). When that happens you'll wish you don't even have a housing loan. 2017??
Here's what on the news lately and on the on the ground:
-conclusion = economy crisis, good for export, good for tourism and good for songlap
-we are doing so well that we are able to attract donation for billions
-even USD/MYR at 4.50, the macais will keep donate to him.
-Slowdown? Many packed and close shops ady...migrating elsewhere
-$30 billion in reserve wiped out! wow!
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