source: tradingeconomics.com
The speculation is that the reserves are being used to defend the ringgit, which has been slipping, one of the sharpest losses in Asia, over concern arising from the drop in oil prices among other factors. The outlook for the ringgit also depends on the future direction of the US dollar and US interest rates.
RM per US$1 exchange rate for over the last year.
According to Bank Negara, “the international reserves of Bank Negara Malaysia amounted to RM393.4bn (equivalent to USD106.2bnn) as at 15 May 2015. The reserves position is sufficient to finance 8.0 months of retained imports and is 1.1 times the short-term external debt.”
https://www.youtube.com/watch?v=5_H-LY4Jb2M
I suppose the foreign reserves do not include 1MDB’s cash … err, “assets” … err, “units” in Singapore. 😉
And the short-term external debt probably does not include 1MDB’s debts/bonds and the government’s contingent liabilities!
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As we look ahead to the next 5 years in the run-up to Vision 2020, it is just as vital to look back at how far we’ve come as a nation. Let’s see how Malaysia fared more than 3 decades ago against our present-day performance by the numbers:
https://www.youtube.com/watch?v=eS_P7JmOEzQ
Source: Bloomberg TV
On Friday, Second Finance Minister Ahmad Husni Hanadzlah presented 1MDB’s plan to the Cabinet. This exercise may actually give 1MDB a profit of between RM5-8 billion. In other words, 1MDB would not be losing money on the deal, as what many people want to hear. Tony Pua, DAP’s National Publicity Secretary, however, is outraged and calls it “daylight robbery”. He feels it is immoral — although not illegal — for 1MDD to be making so much profit. Tony Pua was foaming at the mouth when he thought that 1MDB was losing money and now he is also foaming at the… Read more »
Yang: There you go again! You really are the Malaysian Energizer Bunny …………………………………………………………………………………………………………:)
Ahmad Maslan has fumbled in explaining GST.
Now it is the turn for Ahmad Husni to make a fool of himself in 1MDB matters.
Umno buat malu orang Melayu!
Ringgit sliding makes it cheaper for foreigners to raid the property market ?
Anyway, I am waiting for property market to crash this year to afford lifestyle condos on the island.
Opposition and some like Mkatti, Tuny and Lafozi have been creating speculation and deception without any concrete evidence and many of their lackeys believed in these jokers. Well suddenly the Mr. 10% of the 90s together with the defacto and CAT prominent leaders have become God sent. They seem to have become senile and forgot about the 90s but then Najib will ride over the course of the West disease that have spilled over their head of the opposition leaders and their lackeys. From comment in FM, some now like Mr. 10% but are dead against what they called Mr.… Read more »
Why is our country now is so polarized. Well speculations after speculations by the opposition.
Reminds me of Thailand exhausting its forex reserves in a vain
attempt to defend the Baht at the beginning of the
Asian Economic Crisis of the late 1990s.
Ringgit at 3.82 Per Dollar by Year-End: JPMorgan
Steve Clayton, managing director of JPMorgan in Malaysia, on why the ringgit will continue its downward trajectory in 2015. He speaks with Bloomberg TV Malaysia’s Han Tan.
https://www.youtube.com/watch?v=saJCmIMZpFk
Thanks for the link, owc. I have included it in the post.
Rafizi Ramli Terkini Forum 1MDB(1 Malaysia Development Berhad) Dan GST:Najib Razak Dan Rosmah Bakal Tumbang Di Hotel D’Vista Sungai Petani,Kedah pada 15/5/2015 Anjuran Parti Keadilan Rakyat Cabang Sungai Petani.
https://www.youtube.com/watch?v=xlGh4JmWQq8