Is the 1984 monster radio hit for Singapore's very own Tokyo Square. The lyrics to the song goes something like this :
Wo Ai Ni
I need You
Within, You'll REMAIN
And Always will.
Well, after Bank Negara Malaysia's Monster showing yesterday, the markets are starting to REACT.
One Singapore Dollar is now trading RM3.15. This is a NEW RECORD. Malaysians must thank their LUCKY stars, that for every door shut on our faces, ALLAH has opened another door for us as a NATION.
With the Ringgit trading at RECORD low, expect the Singapore tourist to be heading OUR way soon, but how long can providence save us from INCOMPETENCE?
Take for example the BANK NEGARA press conference. How Many Times Did The BNM top COWS mention CURRENCY CONTROL?
In the end, thats what that is sticking in the heads of the media, no thanks to a plan that does not seem to have the free will option written all over it.
Read Below:
Malaysia introduces measures to shore up ringgit liquidity
Exporters R E Q U I R E D to convert 75% of foreign proceeds into home currency
CK TAN, Nikkei staff writer
KUALA LUMPUR -- Malaysia's central bank said Friday that exporters M U S T convert into ringgit 75% of their proceeds made in foreign currency to correct liquidity imbalances.
The export-oriented country has enjoyed trade surpluses since 1998, but the conversion of earnings made from overseas trade into ringgit has been declining.
Only 1% of total trade between 2011 and 2015 was exchanged into the Malaysian currency, compared with 28% in the prior five years.
"The new measures are meant to ensure continuity of foreign currency in the onshore market," Adnan Zaylani, Bank Negara Malaysia's assistant governor, told reporters.
