I would usually react rather insipidly because firstly I'd be at home and spending in Ringgit and no reason to be needing to convert currencies and secondly, this came as no surprise.
This time, though, it is different because I am now in the US with my daughter who is studying here. I am concerned. Worried over what is to follow.
Early this year when my daughter came here to continue her American degree program at California State University, the exchange rate was hovering around RM3.81-82 to the USD.
Before I left on Aug 10, it was 3.86.
Sure, this will hit me as a parent with a daughter in the US.
But I have to say that I am a little fortunate because I actually was prepared for this.
Last year when preparing my daughter's departure to the US, I opened a foreign currency (USD) account back home so that any fluctuation in rates will not affect me. Yes, thank God, I did that.
Nevertheless, the concern is real.
But, we've been through this before. Thankfully, our prime minister then , Datuk Seri (now Tun) Dr Mahathir Mohamad handled it brilliantly, confounding all and sundry by imposing capital control and we not only survived but overcame it all.
We could have gone the Indonesian way if we had submitted to the IMF.
Most Malaysians who experienced that will never forget those trying times.
I do feel for those who are supporting their children's studies in the US. It will hit them, if it has not already.
I remember years ago when the exchange rate between the Ringgit and Pound Sterling began to make a sharp increase, some parents were forced to end their children's studies in Britain. Their kids had to return home.
I can only pray that we will overcome - yet again another trial and tribulation. How, I don't know -- I am no economist. But I was not born yesterday. Isn't this a cycle? Malaysia is not alone. So whether global forces will come together to bring stability back or for our prime minister Datuk Seri Najib Razak to come up with a brilliant plan -- time will tell. Let's hope it will be soon.
We will see ...
Dearest Kak Ena,
ReplyDeleteFirstly, hope all goes well for you and Shaira. Secondly, thank you for the 'food for thought'. We are actually on 'pins and needles' as they say. I feel all the more reason this year's merdeka celebrations should mean a lot to us.
We are looking for a super hero to save us but like you said, we'll see, we'll see. But actually our saviour is God. May He keep and protect us and our country, Ameen.
Take care kakak and all the best Shaira 😊
Nuraina,a country's currency fluctuates in a free world economy.Smart money moves everywhere where returns are better.Or to safe havens like US,Japan or Switzerland in times of uncertainty.
ReplyDeleteFrom Europe to Asia,all the currencies are going down against the USD.Up till five years ago the USD was going down against any other currencies.Forex and interest rates cycles tend to last from around four to eight years (averaging six years).Currencies and commodities tend to fall the most,chasing away the weak hands near cycle lows.
If you happen to be a rich lady,soon will be time to buy and keep the ringgit.In five years time it might be back to 3.00-2.50 to one USD.
Even if the ringgit were to fall to AFC lows of around RM 4.80 to one USD,Malaysia is not going bankrupt anytime soon.So just sit tight and enjoy the show.
Have a wonderful day.Cheers.
Dear Lina,
ReplyDeleteyes.. God Almighty that we turn to now in these times.
But I don't think I am wrong to say that there are people , politicians, asssholes, SOBs in our own country who are out to topple Najib and his government for politics/personal/hateful reasons by relentlessly spreading negativity. and then there are those who swallow everything bad and vicious.
It looks like they do not want things to be better.
nothing we can do about these people.
we are all worried .. but I am not about to make it worse by spreading stuff.
oh well...
aaah Bruno
ReplyDeleteyou are in the minority to be saying this.
i am worried. but i know it is not all doom and gloom or gloom and doom.
Malaysians are resilient. we know this. only that some SOBS try hard to weaken our resolve.
Thank you.
Nuraina,these SOBS are in too deep to back out now,so they are going for broke.Long
ReplyDeletebefore the Justo arrest,I have been saying that the opposition is funding the SR's Clare Rewcastle.One do not have to be a genius or rocket scientist to figure it out.
Why do a lady from the UK have to come all the way here to knock heads with Taib and now Najib.Do not this lady have a life to lead instead of meddling into other's affairs that do not concern her.This lady is a paid mercenary.Not by ways of using guns and bombs but by using the keyboards.
After the Justo arrest,some people from the media,sensing the law is soon to come a knocking,turn chicken and admitted buying stolen documents.Then an opposition MP came out and admitted meeting the SR's lady many times.They were playing dirty, conspiring to topple Najib.
Now the truth have come out,that there was a case of conspiracy.Many people are going to join Anwar in Sungei Buloh soon.Also an Umno former minister from Sabah and maybe some from Mahathir's gang.Of course the grand old man,Mahathir,nobody dares touch him.
Although I am an opposition supporter,I do not condone such dirty tactics.I hope that Najib do not listen to his busybody brother,Nazir or that stupid Khairy Jamaludin and send the gorillas out and start making some arrests soon.Nazir and Khairy are all over the map, with their big mouths trying to please both sides.If these two cannot decide who to back,maybe they should go join the opposition.
The game is soon going into checkmate position.It is either Najib is forcibly chased out of Putrajaya and the game is over.Or Najib digs in and the conspirators go join Anwar in Sungei Buloh.It is all pointing out to be the latter.Those that loves to play with fire,should get their fingers burnt.I say,serves them right.
I am having a good laugh. UMNO has been running the country for more than 50 years. Still a lot of Malays are dirt poor. Why? Because the cronies have been fattening themselves at the expense of the poor.
ReplyDeleteIt is one disaster after another. Remember BBMB (yep bank bagi melayu bankrap, according to UMNO members who failed to repay their loans), MCA linked cooperatives, Malayan Banking (in the 60s),1MDB (will it be known as '1 Malaysia Dah Bankrap'?). How did Najib get RM2 million plus in his bank account? Until today he has refused to provide a satisfactory answer. Instead we are asked to believe it came from the 'middle east'. Better still from the 'middle earth', what?
You also have Mahathir baying for Najib's blood. Why? Is it because his sons cannot get more contracts? If some one wrote all this even as fiction, no editor will accept that it is possible. But remember that the Rich get rich by stealing from the Poor. I am glad I escaped my 'tanah tumpah darah ku' long time ago.