So today we have 4.2x d T.T

Stronger no, steadier yes.

Steadier because MAS will intervene in SGD based a valuation of a basket of currencies. This basket is secret but should consist of the currency of SG major trading partners USD, RMB, MYR etc.

https://www.sinchew.com.my/20230628/%e7%bb%...96%b2%e6%80%81/



Interesting statistics. MYR FX market daily trading volume is about 15 billion USD. Malaysia FX reserves amounts to 115 billion USD.

If BNM really wants to play hard, our foreign reserve may evaporate in days.

4.7625

https://www.sinchew.com.my/?p=5066893

Lowest since January 1998.

Soon,... must impose capital controls already, bros,... Otherwise,... our Ringgit is done ! It'll be too late !

Not pegging, but China-style capital controls.

bnm imposed partial capital control a few times in the last decade. those not in foreign trade or business has no idea.

Where do most of you store your money now since RM is so weak?

I was thinking of moving some to SG or hold in IBKR.

Or 4.5 to 1 in nearer term.

For certain you were not in banking or foreign trade. During bn administration, foreign proceeds was compulsory converted to RM for some time to build up depleted foreign reserve.

Bnm and mamak thought they were smart, didn't realize bankers in London and NYC were smarter, beat them in the trade. A reason why they hate the west until today.

They are not idiots but jaguh kampung.

Given pmx support on hamas; many mnc, fdi and ff are likely to stay away, would lack catalyst for rm to rebound.

I might be wrong, but I sense higher myr interest rate really might be on the cards this time round……

Bnm foreign reserve supposed to increase with current account surplus. How much bnm foreign reserve has improved in the last few years?

If pmx is willing to compromise the national interest for hamas, how do you expect the market to react? RM will soon be worse off than AFC time.

don't panic. no crisis. see:

https://www.thesundaily.my/business/no-cris...rnor-LD11658377

Typical script everytime ringgit drop.

Imagine if BNM Gov say:
Ok peeps, we are screwed. I have no control of RM. Packing my bags to Singapore tonight. Already asked wife to convert alll RM to USD and SGD. See Ya!

ya... sell liao go higher regret... hahaha

but i feel the run a bit long n extended... maybe time for a breather soon...

It'll continue to go south. You need an intervention to prevent the run but there's nothing we are doing to stop it. Their approach is let's see how low it will go.

Bnm holding bank rate is not unexpected, mean RM devaluation is almost certain to persist.

Don't think they will rate hike anymore this year. During war, rates usually are kept low from what I read. So although Fed rates are not low at the moment, they unlikely will raise it.

Fed already said not hiking rate on Wednesday. Already guessed correctly the last 2  times, rates will not hike and have been right. December at this moment I don't think they will hike either but its a bit too early to tell right now

He did not use the word : 'data-dependant' anymore, right ?

wei... no breather you say... drop 3% liao wor since...

i say breather... not reversal

anyways...

Today I want to change my ringgit (BIG AMOUNT) to SGD then move to IBKR. I look at the rates, I am SO ANGRY!

To make matter worse, all the bankers I talk to say they don't know if ringgit will continue to poop.

Considering US either maintains the rate longer than expected or might even raise one more time, our govt still think they can do option 2... Dedollarize... Come on man. This is a joke.

So painful to convert. In 3 months time our ringgit depreciated almost 3% vs SGD USD and last 5 years over 12%... and to make matter worse no one from the BNM side can tell us what's the fair rate we should have vs USD. With the middle east situation, I fear our ringgit will poop more.

Need to start moving out the ringgits but so painful to do so.... even Vietnam dong strengthened so much against us... Joke!