Odyssey7669
New Member
Rate at moneychanger JBCC Komtar 2.86
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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
All moneychangers are holding the rate at 2.85/86 to limit their losses... very soon moneychange rate will be above 2.9!
The perpetual political bickering will ensured the RM$ will continue its slide against major currencies. Even if one day oil prices rebound convincingly and the high profile 1MDB missing RM$ Billion puzzle solved, I think the RM$ will remain lethargic because the forex player knows Malaysia deeply embedded weakness.
Advisable to change only the amount you absolutely needed.
Advisable to change only the amount you absolutely needed.
Malaysian money changers do not incur losses. They just give away more useless ringgit for better sgd, so they can give better rates.
??? emmm...surely they need to buy the ringgit in the first place? They profit from the spread... if the currencies depreciates so fast, whatever they have on hand becomes a loss position.
Today at Arcade $2.895
Today at arcade $2.9
Was at jb, changed at $2.905.
Massage shop offer me $2.975 to buy my S$. OMG
If the depreciation don't stop soon, a lot of developer will go under. The cost price of building will be more than the price they sell.
With persistent RM$ weakness, it is unlikely that property prices will appreciate enough to mitigate the overall negative effect.
Historically the RM$ is trapped in a bottomless pit.
The National Reserves had dropped further to US$95 billion from US$100 billion about 2 weeks ago.
Looks like Bank Negara cannot defend the RM anymore with the RM dipped further to a new low @ US$1 : RM4.175 today!!!
Next week, we might even see US$1 : RM4.25!
At the rate this is going, I'm afraid the BNM may do something drastic soon despite the PM just said that they will not peg the RM and there will be no capital control.
Raise interest rates drastically like what Russia did to defend the rouble is 1 option.
That will cripple the economy. Even Najib is not that silly. Seems that the plan is just to ride it out for time being..... A global crisis is in the making and Singapore is not spared too. Singapore's stock market is actually the 2nd worst performing in the developed world, after Greece!
Well, the stock market in the region had recently fell drastically including major market in China, HK, Japan and SE Asia and of cos, SG is not spared too.
But comparing the situation of MY and SG, My is definitely more fragile with many already said that MY is fast becoming a failed state.
For MY, the fast shrinking National Reserves, rapid flight of foreign funds, continued dipping crude oil prices, political uncertainty, etc, are all happening simultaneously too fast too soon and is affecting the RM's recovery.
Whereas for SG, the Reserves are solid, no serious exodus of foreign funds while the cheaper oil prices is actually a bonus.
In the meantime, still hold on to your S$.............S$1: RM3 is probably just round the corner if the current situation persist.
Just thinking, since the PM few days ago had just "confirmed" that they are not going to peg the RM and impose capital control, but did not say will not devalue the RM like the Vietnamese and the Chinese to their respective currencies!
http://blogs.reuters.com/breakingviews/2015/08/21/asian-capital-controls-are-a-real-risk-once-again/
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Today's rate around JB Sentral, City Square, JBCC Komtar range from RM291 to RM292.5.
If you've got CIMB. They give SGD1 = MYR2.933
There is a shop in JBCC Komtar that will accept your S$1 as RM$3 for purchases made.
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