RM4.25 against US dollar; RM3 against Sing dollar

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The ringgit has plunged to RM4.25 against the US dollar and RM3.00 against the Singapore dollar, two key psychological barriers, as many other Asian currencies also fell.

Meanwhile, Bank Negara’s international reserves slid further to 94.5bn US dollars on 14 August from 96.7bn US dollars on 31 July 2015. That is just enough to cover short-term external debt.

On the commodities front, oil has plunged below 40 US dollars. WTI crude oil (Nymex) fell to US$39.44/bbl around noon.

It is not looking good at all, and the crisis in confidence over the handling of the investigations into 1MDB and the RM2.6bn purported ‘donation’ has not helped at all.

By the way, what happened after that lawyers’ letter to WSJ?

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benny

In November 2013, based on the depressing economic conditions, YB Liew Chin Tong forecasted a “perfect storm” leading to economic crisis in 2015. Unfortunately, the factors which he mentioned were not heeded by the government. Nobody wants to be a harbinger of doom, but it looks like the course has been set by this recipe for disaster.

See his article on ‘perfect storm’ that appeared on the a Malaysian Insider on 14 Nov 2013.
http://www.themalaysianinsider.com/opinion/liew-chin-tong/article/a-perfect-storm-in-2015

Yang

To simply ask our kids to go down to Singapore and work just because of the exchange rate is simply ridiculous. Its as if it is heaven down there. Things are also expensive unless you pull your belt so tight to save almost every penny you earn. The world is your oyster. Every where you are there are opportunities abound. It’s only those that Ah Ma Ma will always feel rejected and failures. Many here could make thousands or millions. We are not so down trodden as made to be believed by opposition jerks and leaders who are just political… Read more »

dio

Wake up now! Still syiok sendiri with 1Malaysia?

Yang

This is not shook sendiri. Go and see for yourself. Are you still in the coconut shell.

zoro

Obvious, end of Aug has not ended. Still awaiting his prediction that PAS will be taking over the selangor government by end of Aug. Watch for the real pea brain, dunggu and syaitan.

zoro

Pea brain and dunggu can always drive to ipoh for his spring chickens and tau fu far. Or pea brain and dunggu can sell his rm19 chicks in kl or Penang. Who is the real coconut chicken seller just stay put in ipoh and not venture beyond the coconut tree?

benny

“I know the impact of the Singapore dollar on the Johor economy. An average of 16 million tourists a year from Singapore visit Malaysia and a vast majority enter the country via Johor Baru. It is their first stop and assuming they spend a night or two here before moving to other places, the money they spend is substantial,” he said. “And then, we have Malaysians living in Johor Baru who travel daily to Singapore for work. The government estimates there are 400,000 of them. Assuming they earn S$2,000 each on average a month, the (total amount) they bring home… Read more »

gk ong

Johor is really dependant on Singapore from economic point of view. Singapore provides jobs to many Johoreans who day trip to the island to earn their living.

At the rate Ringgit is going down, the likely scenario will be malay female graduates having to go to Middle east countries to find jobs.

zorro

Now sinkaporean can buy over Malaysia. The properties are now dirt cheap as the currency is one third. Only dumno helps to sell off Malaysia and make if costly for its own people.

benny

Singaporeans are now shying away from buying properties (expecting ringgit to fall further) in Iskandar, despite there are heavy promotion of various property expo in JB every week in August 2015:
Week 1: at KSL Mall
Week 2: Mega Setia Fair at JB City Square
Week 3: last weekend Star Property Fair at City Square
Week 4: this weekend iProperty Fair at JBCC.

Yang

Some people just like to come here with lies and deception commenting our ringgit tak laku here and there It’s not our ringgit that is not laku. Indonesia is taking action to ASSUME their rupiah at Rp13,400 against the US dollar soon. To ASSUME is a nicer word than peg. This means that Rupiah cannot be traded or use outside Indonesia. For the past 4 months it has lost more than 10%. For the past 2 years it has lost about 40%. When it lost more than 10% the past 4 months, in fact it has already lost about 30%… Read more »

kanateeraj

Try changing your Ringgit in Manila. No one wants it!

zoro

The ones who also commented are also from blue blooded class and close blood. Therefore they are jerks too?

Lester

Nobody want to go to Philippine anyway

Ed G

For the past 1 year, the Indonesia Rupiah and Thai Baht lost about 15% and 10% respectively against the USD as compared to the Malaysian Ringgit which lost 25%.

For the past 3 months, both the Indonesia Rupiah and Thai Baht lost about 5 – 6% respectively against the USD as compared to the Malaysian Ringgit which lost >14%.

It is therefore unsurprising that the Malaysian Ringgit, which used to be accepted by the traders in the two countries, is becoming increasingly ‘tak laku’ as the holding of the Ringgit would incur losses in foreign exchange to the traders.

tunglang

This will be the worst Merdeka Celebration as long as my memory allows. Not only are we the Rakyat in a deep sink hole of despair, self denial (by some faux-yang energised) & frustration (of no justice being done), we are losing our wealth day by day by day. To many of us, each one has lost some value in life – whether it’s monetary, self worth, national pride or a sense of being Malaysian Boleh. On national day, we might as well hide our thin faces behind the Jalur Gemilang of flagging vision 2020, which is a mere 5… Read more »

dio

Many are not flying jalur gemilang this year as a sign of protest against BN.

johan Khun Pana

Not going to draw in more tourist even if the RM dive to 5ringgit to 1 US Dollar. Tourism is a specific market . Just because the ringgit is cheap it is not a main magnet. The key in bringing in visitors is what do they want and what do we have to offer. But it is different for JB town due to day shoppers flowing in from Singapore. And for some towns next door to Brunei. Yes, ministers might have said that it is Good. Ministers are politicians. They only know how to talk ( not all the time).… Read more »

benny

The Malaysian currency tumbled 1.9% to a 17-year low of 4.2615 a dollar as of 9:51 a.m. in Kuala Lumpur, according to prices from local banks compiled by Bloomberg. That took its drop this month to 10.2%, the worst performance among 24 emerging-market exchange rates tracked by Bloomberg after Russia’s ruble. The benchmark stock index retreated 1.8% to 1547.19, poised for its lowest close since May 2012. The ringgit has weakened 18% in 2015 in the worst performance in Asia as a slide in crude prices coincides with a political scandal involving Prime Minister Najib Razak. Global funds have dumped… Read more »

Ed G

Heard recently that our ringgit is already ‘tak laku’ in Indonesia.

lim

Thailand also tak laku, in bangkok, currency traders put up a sign no ringgit !!! Thks to 1pm and his team !!! Jahanam negara ku yang saya amat cinta, mati liao, i cant even now drink kopi susu…

Yang

There is good and bad in everything whether up or down. We are not alone. Every country throughout the world is feeling the pinch Look on the bright sides. Our export is up while Singapore is down and so it’s economy. China industrial output is down while ours are up. Malaysian workers there are remitting more back home bringing in the much needed foreign exchange while foreigners workers working here are remitting less to their countries. Our import are less than exports thereby making our inflation low. Our fundamentals are strong which is why we need not have to peg.… Read more »

Phua Kai Lit

I hereby award you this medal:

“The Order of Dr Pangloss, First Class” 🙂

YBLOh Penang

Agree totally. 1. The 1 million or so Malaysians working in Singapore are very happy 2. The 0.5 million Malaysians in other countries like China, HK, US, UK, etc are happy 3. The doctors/ specialists in private hospitals are ordering Lexus, Porsche and Maseratis, and also building large bungalows in exclusive areas due to the surge in foreign patients. They are so happy. 4. Those in inbound travel industry are smiling all the way to the banks 5. The exporters of seafood, OEM products, rubber products, plastic products to USA and Europe, and Singapore are booking their Mercedes and BMWs,… Read more »

zorro

Then pray for ringgit to go down further. Why blame anwar for causing the ringgit to go down to 4.8 rinngit per usd.? Why BN is pea brain, dunggu and syaitan to revalue the ringgit to 3.20? YBLoh could have been a billionaire last century if it has been 4.80 per usd. Better suppress value of ringgit further to a new Malaysian record. Lagi satu BN project

lim

I think more turbulence to come… fasten your seatbelt and more popcorns…

Now, the word “BERSIH” is haram and forbidden… 1pm and 1cabinet and 1igp why are they so nervous of the word BERSIH ???

We are all waiting for 1pm to sue the WSJ !!! Why so long one !!! Wonder US judges are all BERSIH??? If 1pm didnt sue this would mean all the kampong malay voters will know 1pm is tipu. This time 1pm, sue mati, tak sue, also mati. Looks like 1pm is caught
in his own web…

Yang

Nobody is afraid.of Bersih. It is despicable to politicise it when we.are celebrating our nationhood and pride. Only guys like you that do not have pride and loyalty will do anything for your political obsession.

TEE

Super Yang will calm the readers with 5K approach do that the $hip does not sink deeper?

zoro

Compare with our relatives in sinkapore. We are dunggu, pea brain and syaitan to boast ourselves. Of course we can talk big and mighty on ringgit, 1mdb and coming bersih of them.

Rscrugby

Good news for all the thousands of Penangites living and working abroad especially Singapore, right? Who else is going to help Penang developers get rich by purchasing high end condos along Tanjung Bungah and Batu Ferringhi? At least they can putchase their retirement home now so they can come back when they are old, retired and not so productive.

benny

Still not too late for you to head south and work in Singapore if you have the required skillsets and qualification. But if you are already old and retired, then you should advise your kids to work in Singapore and repatriate the money home.

gk ong

Many are working in Singapore with the hope of getting PR status. Sad but true as the confidence towards Najib administration is diminishing.

zorro

Why only now? Just come out of coconut shell? This happen long ago with Ah Yang jumping up and down complaining properties have been costier. Not only in Penang, recent report mentioned it happen in Malaysia particularly in klang valley

benny

Ekonomi Malaysia dah terbangsat?