Don't understand. So is there really trading in Malaysian currency during after hours?

Wondering can we transfer $ from credit card to another bank's savings account (fyi, I don't owe any $ in my credit card right now)? If so any charges/fees? Thinking of buying some USD but my FDs not due.

Was looking at 1 of the bank and they said this is considered cash advance and charge 3-5%? Is that so or am I reading it wrongly?


Thanks

Thanks but really not worth it when I look at the rate charged. Better to break my FD

Planning to change to USD (not the other way around)

Actually our foreign reserves have been declining. Malaysia needs to be self sustaining /work towards it for food staples like rice, vegetables, chicken, eggs and the feed for the poultry. This will reduced inflation a lot and help provide good income (with good technology) to the people.

https://www.thestar.com.my/business/busines...-end-april-2023

Snippet from The Star article
Malaysia's official reserve assets at US$114.42bil as at end-April 2023


https://www.thestar.com.my/business/busines...at-sept-15-2023

Snippet from The Star article
KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves amounted to US$111.5 billion (US$1=RM4.6855) as at Sept 15, 2023 compared with US$112.2 billion as at Aug 15, 2023.

The central bank said in a statement today that the reserves position was sufficient to finance 5.2 months of imports of goods and services and was one time the total short-term external debt.

The main components of the international reserves were foreign currency reserves (US$98.9 billion), International Monetary Fund reserves position (US$1.4 billion), special drawing rights (SDRs) (US$5.7 billion), gold (US$2.4 billion) and other reserve assets (US$3.1 billion).


https://www.thestar.com.my/business/busines...wn-to-us1101bil

Snippet from The Star article
KUALA LUMPUR: Bank Negara’s international reserves amounted to US$110.1bil as of Sept 29, down from US$111.5bil as at Sept 15.

“The reserves position is sufficient to finance 5.1 months of imports of goods and services, and is 1.0 time of the total short-term external debt,” the central bank said in a statement.

The main components of the international reserves were foreign currency reserves (US$98bil), International Monetary Fund reserves position (US$1.4bil), special drawing rights (US$5.7bil), gold (US$2.3bil) and other reserve assets (US$2.7bil).

https://www.thestar.com.my/business/busines...ll-to-us1089bil

Snippet from The Star article
KUALA LUMPUR: Bank Negara’s international reserves amounted to US$108.9bil as at Oct 13, down from US$110.1bil as at Sept 29.

“The reserves position is sufficient to finance 5.1 months of imports of goods and services], and is 1.0 time the total short-term external debt,” Bank Negara said in a statement.

The main components of the international reserves were foreign currency reserves (US$96.5bil), International Monetary Fund reserves position (US$1.4bil), special drawing rights (US$5.7bil), gold (US$2.3bil) and other reserve assets (US$3.0bil).

Wonder how much/could any of the drop is due to forex intervention by BNM

This post has been edited by abcn1n: Oct 27 2023, 08:55 PM

Haha. End April US$114.42b to Oct 13 US$108.9b, a drop of US$5.52b for less than 6 mths.

If Malaysia current account surplus and no forex intervention, foreign exchange reserves should by right increase.

Malaysia should study Turkey. Turkey didn't want to increase interest rates-- yes their business supposed improve but their currency declined tremendously and the people are actually earning much less . YouTube have clips on how the common people in Turkey are doing over the years. Now only want to increase interest rates, too late already

I heard that Malaysia currency performance 2nd worse after Japan in Asia. Also heard Malaysia interest rate 2nd lowest in SEA. Thailand has slightly lower interest rate but they commit to keep increasing interest rate
Can see from graph. --heard from an economist in Malaysia

Not surprised. USD don't go up in a straight line. Since Fed already paused rates twice and expected to pause rate again, USD may depreciate against MYR and SGD for some time. LT expect USD to rise but ST can go up and down

PMX trying to shore up CNY? How? Didn't hear about it