THE prophets of doom, who have been wishing for the worst for ringgit and the economy partly to make a killing for themselves and partly to justify calls to get rid of PM Najib Razak, aren't too happy. But who cares, right? We all love the Ringgit, especially when it buys a little bit more ...
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| The Malaysian Reserve front page Oct 8 |
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| Bloomberg, Oct 9 |
Ex financial journalist Bujai explains why the ringgit is useless to some when it's doing well against the USD:
"When the local currency took a dive since early August, critics blamed it on Prime Minister Najib Razak's 'scandal' and 1MDB. They didn't believe in other dominating factors such as the oil price slump and weaker market sentiment worldwide.
Some blogs even predicted the ringgit would 'burst' at RM5 per dollar, and worst still, Najib and his government were blamed for the haze!And now that the ringgit is appreciating steadily against the dollar, they attributed to the weakening greenback and increasing oil prices.No credit whatsoever to Putrajaya, our economist and Bank Negara for standing up for the ringgit and the decision not to peg it to dollar."
The exchange rate is man made. Some nerdy traders hunched over the computers make it go up or down. China fixed its exchange manually.
ReplyDeleteEhem, it was short sellers covering their positions.
ReplyDeleteBujai is a fucking idiot.
Dato, would you like to comment on the latest statement issued by Bank Negara pertaining to 1MDB ? Look like Zeti is brave enough to "challenged" compare to many others.
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ReplyDeleteErrrrmmmmm...
...this is like saying that when someone is drowning, the fact that they are 16 feet under water instead of 17 feet under water is "progress".
The ringgit is still the worst-performing currency in Asia. Fact.
Why?
Ask Zeti. She's told the truth, and people don't like it.
Dont rejoice too soon, nanti seluar dalam terlondeh.
ReplyDeleteRemember Budget Day soon? remember rm20 billion announced by Ahjib Gor last month to be splashed into KLSE?
Dah tentunya artificial kan. Window dressing to make Economy looks good on Budget Day.
Any every time post Budget, the KLSE index will go down again. The same thing could happen to the Ringgit. So meanwhile, okeh lah nak premature ejaculation dulu. The 20 billion duit glc or public institutions could vanish in thin air soon, yet again.
ReplyDeleteExcept that this last year has been anything but agreeable for Zeti.
The currency she has so carefully tended has dropped 30% this year, to be Asia’s worst performer. The cruellest cut of all, perhaps, is that the ringgit has fallen beyond even the level that Zeti had locked it to the dollar at in 1998, when she was acting BNM governor. That fall has chewed into BNM’s foreign reserves, which had risen 700% on her watch to more than $155 billion in 2011. They have plummeted to $95 billion, the lowest since 2009. Growth has slowed, the bond market has slumped, the IPO roster has tanked and the ratings agencies are circling, threatening downgrades.
ReplyDeleteHow did Malaysia come to this? The short answer is 1Malaysia Development Berhad, better known as 1MDB. That’s the scandal-ridden sovereign investment fund that many Malaysians believe is little more than a corrupt slush fund for politicians.
Founded by Najib soon after he came to power in 2009, 1MDB has been poison for Malaysia. It has little obvious commercial activity to service its estimated $12 billion in debt, much of it in bonds rated as junk. They were arranged via massive state-guaranteed issues through Goldman Sachs, which earned an estimated $500 million in fees from the deals.
Amid nagging claims of corruption, mismanagement and shady offshore dealings, which have prompted investigations in six countries, the 1MDB crisis has dragged heavily on the ringgit, adding to the pressures of an economy sputtering under the weight of a commodity bust. In July, the Wall Street Journal brought the 1MDB scandal directly to Najib’s door, publishing official documents that showed as much as $700 million had moved through 1MDB-linked entities to end up in Najib’s personal bank account.
- http://www.euromoney.com/
They were kind.
They did not mention that our FDI is down 41%.
"THE prophets of doom, who have been wishing for the worst for ringgit and the economy partly to make a killing for themselves"
ReplyDeleteSiapa Mereka?
7.28.....asia only? Why not world?...dulu salahkan najib..sekarang zeti pulak...
ReplyDeleteTak habih2 engkau ni cuba nak spin mempertahankan Najib. Poorah.... Buat malu saja.
ReplyDeleteKau biar betul mat, ringgit is still the worst performing ringgit in Asia? Kau memang pakar lah mat.
ReplyDeleteIt's the dollar that's weakening bru..
ReplyDeleteYuan is the worst shit in asia
ReplyDeleteSteadily appreciating against dollar...not drowning ...lar.
ReplyDeleteitu pun still nak think negative...go live in a box jer lahhhh
go live in that other asia country lah.
ReplyDeletepeople like u are always criticising n not bringing anything good to the country.
u must be cina apek tak sedar diri kan?
Yes we should all give credit to Najip for this. I am giving full credit to him, in fact I think everyone feels that he should be given full credit as well. If not for him..
ReplyDeleteOwh... What a coincidence. Ringgit rally soon after Najib sign TPPA.
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ReplyDelete@ 7:49 p.m.
"Remember rm20 billion announced by Ahjib Gor last month to be splashed into KLSE?"
That ValueCap announcement made KLSE recover.....
.....for 48 hours.
Then it slid lower.
ValueCap funds will be used to buy FGV (almost dead) and TNB (after Edra).
Everything so that the Felda folks don't blame the gomen and so that TNB shares don't plunge (they will, they will. The last time they expressed interest, their counter plunged.)
ReplyDeleteOnly commenting when Ringgit is up........ as if that proves Najib's innocence of stealing public funds and abusing power.
What is wrong with you. Really.
Deny deny deny and spin spin spin.....
ReplyDeleteZeti is not doing her job . She is blaming everything on perception related 1mdb .
ReplyDeleteShe is suppose to defend this country , negate the perception since she's the one who said the country fundamental is on strong footing .
It seems she is too old for the job .
PN
The rally of the RM must be due to the good work of Mr Arul Kanda. God Bless You Sir!
ReplyDeleteif there is a earthquake of 5.0 near the pacific ocean, i ill give credit to Najip as well..
ReplyDeleteNajib is doing well already...ppl who want him to go down will say anything bad about him...losers.
ReplyDeletehahahaha you are such a clown!!
ReplyDelete