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 ringgit Malaysia drop , how to I change my RM to USD

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sam@bpp
post Sep 2 2015, 03:36 PM

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QUOTE(AVFAN @ Sep 1 2015, 02:26 PM)
exports->trade balance->current account->fx...

anyone has a good grasp what effect this will have on the rm?
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If you are interested to know the effects causing RM to fall, I can share with you the powerpoint slide(data by independent analyst). Pls PM me your email.
*Note: may not have the direct answer to your question above.

QUOTE(yahiko @ Sep 2 2015, 10:38 AM)
anyone here use wire tt USD to RM in cimb?

how long will the bank change the USD to RM and what rate they using ( the rate on they day received TT notice or the the rate they day they convert?)
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I will say the rate they convert on the business day. Your TT may arrive at the bank after banking hours, no? Also, please take into account for compliance team to check the source and reason of your TT.(especially after the infamous news of billions ended in personal account).
For clarification, you can always call the customer service or visit the branch smile.gif

QUOTE(yck1987 @ Sep 2 2015, 01:22 PM)
Do you guys think is good to keep some AUD which is about 1:1 with SGD or even lower?

http://www.xe.com/currencycharts/?from=AUD&to=SGD&view=5Y
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what's the reason you want to keep some AUD?

QUOTE(yolldddd @ Sep 2 2015, 02:01 PM)
not to worries I think bank negara will make sure it won't go beyond 4.3 after all we still have a lot of foreign reserves.
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do you mean BNM will buy ringgit?
sam@bpp
post Sep 2 2015, 06:26 PM

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there's also the Fitch downgrade warning..but anyone know when Fitch will announce the new 'grade'?
sam@bpp
post Sep 2 2015, 07:30 PM

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Due to weakening ringgit, I've seen lots of people queuing up at money changers like supermarket. I'm curious to know, what lyn members here do besides looking at the exchange rate board everyday. hmm.gif
sam@bpp
post Sep 2 2015, 10:38 PM

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QUOTE(Ramjade @ Sep 2 2015, 09:10 PM)
Yes reserve is in usd. Sorry about the mistake. The main point is they burn through 10b of reserve in a month just trying to defend the RM. Left with 90+b.

Keep in mind, bnm is not bottomless pit.  They need the reserve for trade to commenced. How much more reserve you think they can burn to defend the RM?
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QUOTE(cherroy @ Sep 2 2015, 09:18 PM)
Foreign currency reserves is not for "defend" your currency.
It is used to fund the short term external trade and import bill.

USD90 bil is not "a lot" if you look at how USD10 bil was gone within a month plus period when there was rumour of BNM "defend" RM at RM3.80 level.

So BNM needs to be prudent how to use the foreign currency reserves.
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QUOTE(cherroy @ Sep 2 2015, 09:37 PM)
At USD 90 bil although enough to fund the import bill for 7 months plus, it is only enough to cover the short term debt at 1x, aka in other word, you need the USD90 bil to pay for those short term debt which is going to due within a year time if there is no refinancing taking place to repay those debt (normally debt is refinanced in ordinary time).

With barely enough to cover the short term debt, you don't mess around with the precious foreign currency reserves.
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One of the reason for not pegging the USD is also to prepare for possible US Fed rate hike.
sam@bpp
post Sep 5 2015, 09:33 AM

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QUOTE(dreamer101 @ Sep 5 2015, 09:01 AM)
Hansel,

So, is putting a lot of your eggs into ASx such a good deal??  How much of your asset / investment is tied to Malaysia?? Are you diversified enough??

You have ENOUGH.  Protect your money / investment from any single country's failure should be your highest priority.

Dreamer
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I agree about diversification and also asset allocation together with invest outside malaysia. Example:
Which one below, you find more comfortable?
1. RM 5 million in Malaysia only
2. RM 2 million in Malaysia and 1 million in foreign currencies/foreign investment

I do know people who thinks ASx is a good deal. You can get 'guaranteed' & 'stable' dividends every year. Educating the public about diversification is a real challenge, though.
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