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BNM spent US$12b to defend ringgit in Sept, says Moodyâ€™s

Posted by admin

Tuesday, 04 November 2008 23:17

Bank Negara Malaysia (BNM) is estimated to have spent US$12 billion (RM42.4 billion) during September to defend the ringgit, said Moody’s Economy.com.

Moody’s said the ringgit was among Asia-Pacific currencies that had depreciated despite current account surpluses, the others being the Singapore dollar and Philippine peso. “Sound current accounts may have created a bottom for these currencies and they have ‘only’ depreciated by 5% to 10% since June,” Moody’s Economy.com economist Tine Olsen said in her report yesterday.

She said other currencies in the middle group had fallen because of deleveraging, while those experiencing the biggest depreciation, including South Korea, Indonesia and India, also struggled with current account deficits.

Olsen said Asia-Pacific currency markets had been driven recently by the liquidity squeeze and by current accounts as risk-averse investors moved funds from high-risk markets to safe havens to avoid losses, and also to preserve liquidity.

Comments (23) Add Comment

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written by budakindia, November 04, 2008 23:22:43

Nor Mohamed Yakcop likes to gamble with our money! What else is new in Malaysia? smilies/grin.gif

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written by HamChak, November 04, 2008 23:35:31

Alamak, saya punya EPF habis lor
I still got a lot of EPF.
Don't la gamble my money away.

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written by malaisiyaren, November 04, 2008 23:51:54

How?????????????This is terribly

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written by kkselvam, November 04, 2008 23:56:30

If our economy's fundemental was strong, we can wade through this economic crisis with minimum damage.Sadly with a weak Pee Am and a felon Najis murderer leading our country, I guess all of us are in for a very rough ride indeed!! Brace yourself guys!!

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written by cheemengwong, November 05, 2008 00:09:26

Is such high stake gambling halal under Islam Hadhari?

Is that a fakgua issued by the Islamic council?

Are all the Imans concurring on the Fakgua issued?

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written by onnetline, November 05, 2008 00:23:29

Islamic Council,

Isn't this tantamount to gambling and unIslamic ?????

We seek your wise comment on the matter and may God be our witness !

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written by temenggong, November 05, 2008 00:36:27

RM 42 billion in one month??!!

This is serious. Very serious!

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written by DXB2008, November 05, 2008 00:37:31

and we are still not hitting rock bottom..our money already vanished or robbed by the ameno robbershttp://1426.********.com/2008/...lobal.html

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written by archie, November 05, 2008 00:49:52

It simply means BNM sold USD12b worth of foreign currencies to buy ringgit in the market.

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..., Lowly rated comment [Show]

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written by Krepot, November 05, 2008 06:19:51

Now we know why, Zeti was so farking quiet!
She is going to get barbecued soon!

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written by *********, November 05, 2008 08:32:57

If we the Rakyat (People) are to buy what the Government and the Mainstream media have been selling us all this while, if we were to believe what Badawi, Ong Tee Keat, Samy Vellu, Koh Tsu Koon, Pairin Kitingan, Alfred Jabu, et al been selling us, if we were to believe what Wong Chun Wai, Awang Selamat, TV3 been selling us, THEN,
WE, THE RAKYAT OF MALAYSIA, have the best leaders in the world and have the only political party in the entire world that can rule over Malaysia because their philosophy is 'perfect' and their leaders are selected by God. They are infallible and can do no wrong due to their 'divine' nature since they have ample 'experience' ruling the country and because they are choosen by God. They even have a 'divinely' inspired way of life called ISLAM HADHARI. Whosoever opposes this 'heavenly mandated regime' shall be villified as enemies of the State. They can be the Opposition, NGO's or religious leaders. Sometimes I wonder why bother having a democratic election to select leaders. Better to just drop this democracy bullshit and let BN rule forever. Obviously they know what's best for us. After all, every BN Prime Minister have been saying that they need more time to do their job...More http://*********.********.com

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written by ROBERTNGTG, November 05, 2008 08:42:14

Bank Negara Malaysia (BNM) is estimated to have spent US$12 billion (RM42.4 billion) during September to defend the ringgit, said Moodyâ€™s Economy.com.

IN THE PROCESS TO SHORE UP OUR CURRENCY, PROBABLY SOMEONE ELSE'S POCKETS ALSO GOT SHORE UP BY A COUPLE OF Bs EH??? VERY NORMAL ASSUMPTION.

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written by Jefus, November 05, 2008 08:52:10

and the PM in waiting says we are not affected?............. how bad must it be for the economy, will it then be considered,...... affected?

RM42.4b,..... that's even more that the patch up work for the budget (RM7b)

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written by JackWang, November 05, 2008 09:21:49

The money used to defend the RM is from our reserves. Local currency, eg. from EPF, is no use. You can use EPF money to shore up our local markets like KLSE. You cannot use RM to defend the RM. Once you are out of reserves, you are technically bankrupt as no other nations is going to sell you anything.

I read from the BNM site that we have some US$105B in reserves as of September, good for 8 months of retained imports. I think that is pretty strong reserves. It is BNM's responsibility to ensure that we have a stable currency.

Cheers.

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written by sydput, November 05, 2008 09:27:18

Moody's the rating agency also gave AAA ratings for subprime loans, which is now worthless. I wouldn't believe a word they say. Better use your God given brain when investing. If too confuse, then don't invest.

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written by khongja, November 05, 2008 09:31:52

The trouble with this bastards is that they think they can do anything with our money.The 2nd.finance minister has been very reckless since his fomer days in Bank Negara and the main blame should be that madhatter kutty who hired him.

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written by Zapper, November 05, 2008 10:50:27

BN is really gambling with the future of our children. Why is this mamak doing such silly things??

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written by biggun129, November 05, 2008 11:24:35

'Our economy is as Solid as Rock'! Now the Rock turns into DUST!!!

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written by MAMR, November 05, 2008 12:55:03

How come our FINANCE MINISTER AND FUTURE PM dont inform us, so all this while they have been lying to that Msia had NOT BEEN AFFECTED,SO howcome USD12 Billions gone, I supposed this is going to be another STANDARD FUTURE PM BY UMNO/BN.

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written by clarity, November 05, 2008 19:50:47

$42 billion to prop up ringgit, $5 billion to prop up stock market, $7 billion to stimulate spending and he is not even PM yet. Lord help us!

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