THIS boils down to a reduction in reserve at an average monthly speed of RM2.05 billion a month, of which some of it is due to the central bank's futile attempt to protect the Ringgit.
VIEW ; We lost RM30 billion under Dr Mahathir by poking our nose in the currency markets, where the same amount of money could have been injected into sustainable projects to develop the country
TO be fair to Bank Negara Malaysia, there id very little data out there yet on how much of the RM10.27 billion, that has gone into the sink hole was actually used as a market intervention tool.
WHAT is certain though is, Bank Negara Malaysia had intervened in the currency markets this year, well before the central bank told us READ ; Yesterday, it will intervene in forex market to stem excessive currency movements.
WILL throwing more good money save the Ringgit? The answer is obvious isn't it. If the solution was as simple as that, the Ringgit won't be at RM4.67 to the US Dollar today.
BANK Negara Malaysia, along side the Securities Commission and Bursa Malaysia. I am sure are very aware why the currency is at this level today.
IT has a lot to do with what is happening overseas but regulators such as Bank Negara Malaysia, The Securities Commission and Bursa Malaysia need to do their part too.
THE higher ups in these organisations, should stick to doing the job they are paid handsomely to do, instead of abusing their designation to enrich themselves.
