Hmm,.. so fast,.. well, anticipated this earlier,... see my posts these one and two pages back.

Congrats then,... AVFAN,... you were in time to catch the dip.

Anyway, wht we see on Bllomberg Finance or Yhoo Finance are the centre-points of the rates, very close to the Inter-Bank rates. An individual bank can put up its own Buy and Sell Rate below and above this 'centre-point', respectively. The diff between the Buy and the Sell of a particular bank is called the Spread. When you wish to buy the USD from, say Maybank,... you use the SELL number, because the bank is selling to you and you are buying from the bank. But if you have USD in hand after you returned from your trip to Washington DC, and you wished to change back into the RM for your local use, you look at the BUY number, because you now wish to sell the USD to Maybank who will normally be wiling to buy from you at their BUY rate.

That's the general idea, concepts are similar at the money changers too.

Try RHB,...

Wahh,.. if everybody in Msia starts doing what you are doing now, soon our kerajaan will impose some form of controls already.

Can you show me the link ? How is it being enforced now ?

I do know that procedrs hav always been in-place whereby everytime we need to send funds out, we must fill-in the Form P for the central bank, and the transmiting bank will want to see some proper paperwork to justify sending the funds out,. like the institution invoice, or supplier's invoice,... Are you talking about this procedure or is there a new procedure being put in place or added-in ?

I think Ramjade needs to TT out the USD10K, so must use the banks. I know, I know,.. some money changers 'can do TT' also,... but that's being controlled now.

If Ramjade wants to have notes, then yes, I would agree that he tries the money changers,... try the ones at Sungei Wang in KL, if Ramjade is based in KL.

Tq for the input,... so controls are still not in-place yet,...

How would you know that he has no USD acct abroad ?

Well,.. he is not asking abt opening an acct anymore, just asking about changing his money,...

Are you a strong user (close client) of Maybank in Msia ? Quite some amt in Maybank Msia ?

Try with Maybank Sgp. Tell them tht you are a loyal client with Maybank Msia. Let's see if they will open an accunt and USD FD for you. Plese PM the results of your try. One forummer earlier promised me to update me but after almost 2 months, no news.

Pls do update results.

My friend, yes, go down to Maybank Sgp fro them to see yr docs. Bring all possible docs along. Go to the HQ at Battery Road. Try yr best,...

-markd-

marked-

No stopping th onslaught. Too many prbs at home and abroad.

How much does tourism and medicl tourism contribute to the GDP ofMsia ? Do we have the numbers ?

If the currency is wek, the purchasing powr will be sacrificed ONLY IF the nation affected imports most of her everyday items. Othrwise, no. Thn this leads to personal inflation - if one uses mostly overseas items, thn his/her purcjasing power wil be affected.

I would call it everything negative for us now, don't know how to apply economics principles to wht that is happning to Msia. Corect in that point about us being in a 'negative sum game' now. Crazy... everything drops.

Is a 15% component supposedly growing later be able to offset the slacks in the othr exports and industries, hence being able to maintain our GDP growth and trade surplus ? How long wil this 15% tourism and medical tourism industry take to offset ?

Prices and taxes positiveleads to negative effects for us, so we cant stop at increase in prices and taxes only. We need to look at the the metrics which affect the population wellbeing.

Sorry for the defensive statement.

Firstly,.. ther are things called export controls and excise taxes. Export contrls and Excise taxes ensure that the locals get the benefits of cheaper goods first before the foreign countries. However, again we go back to enforcement of the comtrols and the collection of such taxes. If enforcement is not good, the locals will stil not get the desired results.

The above controls are similar in principle to Import Duties being imposed to protect the local manufacturers.

"Now USD vs RM become Rm3.80, there may be increase in demand for palm oil, as it become 20% cheaper. Increase demand potential higher price."

I do not think the above can happen, why ? For in the first place the increased demand is not totally becos of true increasing needs of the commodity, rather it is an 'artificial' demand because of the exchange rate. Hence, higher price WILL NOT have a chance to kick-in. The moment the price tries to go up because the sellers are trying to mitigate the exchange rate problems caused by the dropping RM against the USD, the 'artificial' demand will disappear, causng the price to drop again.

Sellers wil want to up the price when the exchange rate goes against them,.. becos they are not stupid too. The sellers would know how to calculate in order to MAXIMISE their profits. Secondly, do not forget tht the ingredients required to produce the commodity may be imported. Using yr example here, it would be fertilizers. If the RM drops badly against many currency regimes, thn the cost of fertilzers wil go up, increasing the cost of producing the palm oil. Increased cost means need to sell at a higher price again.

This post has been edited by Hansel: Jul 9 2015, 11:33 PM