DEAR "TUN DAIM",
This is my reply to you (your message in italics and mine in bold):
Just Sharing a msg from a friend from the financial sector....
Malaysian Currency is expected to depreciate further to RM 4.50 by end of September as Ringgit is not used as currency's for trading in world stock exchange. Ringgit will stumbled as the govt further cut on export of crude oil due to over over supply.
Currency go up and down. Right now we are at USD1 to RM4.00 but we were at USD1 to RM4.47 at the beginning of the year. Our lives did not change much when our ringgit depreciated from RM3:20 to RM4.00 over the past few years. Neither did we suddenly become richer when our currency appreciated from RM3.73 to RM3 from 2008 to 2012. Similarly, the United Kingdom also did not go bust when the UK pounds depreciated from £1 to RM6.75 in Oct 2015 to RM5.20 just recently.
In fact, a weaker Ringgit allows us to compete stronger as was evidence by our continued improvement in foreign trade and our trade surplus where our manufactured and services industry benefited strongly despite the weakness in GLOBAL oil prices, which is beyond the control of Malaysia. This will help Malaysia further diversify our economy so we will be less dependent on commodity exports.
Everyone should take precaution as this is a economy disasters as a whole. Bank Negara held reserved is only RM101 billion at this moment. But Our debt has climbed to Rm 614,880,270 billion. Which means each tax paying citizen has a debt of Rm18,835. Current advice is Stop investing in any ventures , properties or car. Cash in hand is safe..as Disaster is on the way.
World Economic Analyst predict within the next 3 months, Malaysia economy . will collapse. Stock market & currency value will take a nose dive in a drastic manner.
This is due to world negative economic outlook for the year 2017
Crude oil will crash due to oversupply. As Americans are pumping more crude oil. The reasons: i) to hurt Russian's economy and her currency as Russian is world's no1.ii) ISIS in order to finance their survival is also selling cheap smuggled crude oil from Syria & Iraq thus flooding the oil market..
Malaysia's oil production will be hit due to this...apart from the current political uncertainty and corruption which discourages foreign investments...
The world has perceived Malaysia as ranking no.1 for : i) Corruption & Scandals and financial forgery in money laundering. .
Actually, Malaysia is ranked at 54th least corrupt out of 179 countries in the latest Transparency International Corruption Perception Index - certainly not number one. I am not sure who ranked us number one but it is certainly not any recognized bodies.
So my dear friends,please spend your money wisely. Keep your Money for rainy days. As we are heading towards difficult and bumpy days . The journey will be tough & unpredictable. This will hit hard on all of us, regardless whether you are rich or poor. All the best to All ..............Tun Daim
Pakcik Saham
http://www.reuters.com/article/malaysia-cbank-currency-idUSL4N0BS13D20130228
2016-09-04 21:12