Malaysian Ringgit sliding

On Monday, the Malaysian Ringgit hit a 17-year low of 3.8517 against the US dollar.

An image of presumably a money-changer counting some RM100 bills. Image courtesy of The Star.

As Malaysians anxiously watch the ringgit heading south, businessmen have begun debating whether the 1998 pegging formula can work its magic again.

Some are all for the move, which was credited to have halted Malaysia’s economic decline during the 1997/1998 Asian Financial Crisis but there are also those who are not so keen on a fixed exchange rate.
More from The Star...Businessmen have mixed views over need to arrest currency slide

Malaysian Ringgit weakens

The Star reported a week ago that:

The ringgit is expected to weaken to the 4.00-level versus the US dollar in the next six months as investors anticipate a hike in the benchmark US federal funds rate.

The hike may come earlier than anticipated after recent indicators show growth has visibly strengthened in the world’s largest economy.

The ringgit has fallen to the lowest level in the last six years and closed at 3.73 to the US dollar yesterday as concerns mount over the Malaysian economy’s exposure to commodities following the drop in crude oil, palm oil and rubber prices.

Full article..

Egypt imposes currency limits / Malaysia currency limits

If you are travelling to Egypt, you may want to take note of their new ruling on currency limits.

The Star reported today that:

Egypt has banned travellers from carrying more than US$10,000 in foreign currency in or out of the country, as officials worry over pressure on its pound currency and a rush by Egyptians to withdraw their savings from banks.

Political turmoil over the past month has raised fears among ordinary citizens and investors that the government - which has pushed back talks to seal IMF funding till January - may not be able to get its fragile finances under control.
More..Egypt imposes currency limits

Malaysia also has currency limits. Check out the Royal Malaysian Customs website for guideline on Permitted Currency Limits.

New Malaysian currency notes issued today

Source: The Star

Bank Negara issues into circulation the new currency notes today.

The new notes comprise RM100, RM20, RM10, RM5 and RM1 denominations, in bright colours and motifs depicting Malaysia's cultural heritage and nature.

More..Bank Negara issues new notes

Fake money - RM50

Beware of fake RM50 notes..

One Sen coin to be discontinued

Just like the RM1 coin that has been discontinued, come April 1 of next year, the RM0.01 sen will no longer be used. The one-sen coin will effectively become worthless. All prices will either be rounded up or rounded down to the nearest five sen.

For example, if the total amount to be paid is RM82.01 or RM82.02, it will be rounded down to RM82. However, if the total that has to be paid is RM82.03 or RM82.04, it will be rounded up to RM82.05.



All quarters will benefit from this move - consumers, businesses and the Government. Businesses will no longer have to handle the coins or ensure a ready supply, while consumers will also not have to worry about carrying the coins. The Government will save RM18mil which it spends yearly to mint these coins.

















Source: The Star

Malaysian Currency

Before one embarks on visiting a country, one would be wise to find out more about it and the one thing that tops the list would be the country's currency. The Malaysian currency is called Ringgit Malaysia (RM). The currency’s RM3.80 peg against the U.S. dollar imposed on Sept 1, 1998 was lifted on July 21, 2005. One ringgit comprises 100 sen. The exchange currently is around the region of RM3.48 to one U.S. dollar.

The currency comes in the form of both notes and coins. Ringgit banknotes are issued in the following denominations RM1, RM2, RM5, RM10, RM50 and RM100 while coins are issued in one sen, five sen, 10 sen, 20 sen, 50 sen and RM1 denominations.

For more info, visit Currency.