Malaysian Ringgit rate update

[stephan]

Originally Posted by High till Dry

good rates. hope we can see 240 soon..

If 1 to 3, no need go China liao!

[High till Dry]

Originally Posted by stephan

If 1 to 3, no need go China liao!

ya, haha. now budget airline also not cheap

[ryanlim]

Jalan Wong Ah Fook - 02/09/08 @ 0200hrs

S$100 = RM$234..........

[ryanlim]

Jalan Wong Ah Fook - 03/09/08 @ 0001hrs

S$100 = RM$234..........

[etct88]

Originally Posted by ryanlim

Jalan Wong Ah Fook - 03/09/08 @ 0001hrs

S$100 = RM$234..........

This is very useful info. I used to change at a money changer. Let me share; this one is opposite Pelangi. The junction have Standard Chartered Bank and an Esso station. After the Esso station, the first money changer is the one I use every time. They normal give better rates. If those in Jln Wong Ah Fook show 2.35, like my last trip 2 week ago, I got 2.362. Quite normal that they give that .012 more.....

also better to change when the banks are operating, chance are that when the banks are closed, the rates are not favourable to both sides....

Quite convenient too, no need to worry about the cops coming. Just a little further up the road.....

btw, I am not a money changer, i am a money spender....

ps, will be making some change today and update...

[etct88]

Originally Posted by etct88

This is very useful info. I used to change at a money changer. Let me share; this one is opposite Pelangi. The junction have Standard Chartered Bank and an Esso station. After the Esso station, the first money changer is the one I use every time. They normal give better rates. If those in Jln Wong Ah Fook show 2.35, like my last trip 2 week ago, I got 2.362. Quite normal that they give that .012 more.....

also better to change when the banks are operating, chance are that when the banks are closed, the rates are not favourable to both sides....

Quite convenient too, no need to worry about the cops coming. Just a little further up the road.....

btw, I am not a money changer, i am a money spender....

ps, will be making some change today and update...

Pass the M'sian Custom at 4.40pm, Jln Wong Ah Fook money changer show 2.36... went to my regular money changer, get 2.382.... change onlySGD880, get MYR2096.20..... time was then 4.50pm..... 2.40 possible if you have big notes.......

[Mondo]

Originally Posted by etct88

This is very useful info. I used to change at a money changer. Let me share; this one is opposite Pelangi. The junction have Standard Chartered Bank and an Esso station. After the Esso station, the first money changer is the one I use every time. They normal give better rates. If those in Jln Wong Ah Fook show 2.35, like my last trip 2 week ago, I got 2.362. Quite normal that they give that .012 more.....

also better to change when the banks are operating, chance are that when the banks are closed, the rates are not favourable to both sides....

Quite convenient too, no need to worry about the cops coming. Just a little further up the road.....

btw, I am not a money changer, i am a money spender....

ps, will be making some change today and update...

hey bro, thanks for the info. too bad i usually go after 12am, if not sure try the palce you recommend.

[jayboy]

to bro etct88,i did go to the same place as u to change, but its from the end count back no 6 shop house, i did change quite often, they did give me extra more rm2.20 also. maybe u can try.

[Haili]

Malaysian Ringgit Will Be a `Washout', Institute Says (Update1)
By David Yong
Sept. 4 (Bloomberg) -- Malaysia's ringgit, Southeast Asia's second-worst performer in the past three months, will be ``a washout'' in 2008 as a growing budget deficit and policy inaction on inflation turn investors away, a think tank said.
The ringgit will probably weaken to 3.5 per dollar by year end, Ariff Kareem, executive director of the Malaysian Institute of Economic Research, said in an interview in Kuala Lumpur yesterday. The partially government-funded think tank, the nation's biggest, had previously forecast the ringgit would strengthen to 3 per dollar by the end of 2008.
Prime Minister Abdullah Ahmad Badawi, fending off challenges to his leadership, last week said he will hand bonuses to civil servants, double the number of households on welfare and cut income tax. The government's budget deficit will widen to 34.5 billion ringgit ($10.1 billion) this year, or a five-year high of 4.8 percent of gross domestic product.
``The deficit is enormous and doesn't speak well for fiscal management,'' Ariff said. ``The ringgit is almost a washout. It's partly a verdict on how the country is being governed. This budget doesn't help, it worsens the currency position.''
The currency traded at 3.4315 against the dollar as at 12:15 p.m. in Kuala Lumpur, down from 3.3875 on Aug. 28, the day before Abdullah's budget announcement. It reached 3.4430 yesterday, the weakest since Sept. 24, 2007.
The ringgit may take another three years, instead of two, to reach its ``fair value'' of 2.8 against the U.S. currency, Ariff said.
Politics, Inflation
Abdullah is counting on oil prices to average $125 a barrel in 2009, unchanged from 2008, to lift revenue by 9.1 percent to 176.2 billion ringgit and narrow the budget deficit to 3.6 percent of GDP.
``Given the risks, people will re-look their portfolio holdings in Malaysia and ask if they still make sense,'' said Daniel Hui, a Hong Kong-based currency strategist at HSBC Holdings Plc, Europe's biggest lender. ``The politics is getting no better and inflation is worse.''
The ringgit slumped 4.2 percent in August, the worst month since Bank Negara Malaysia scrapped a dollar link in July 2005, amid concern opposition leader Anwar Ibrahim will grab power by Sept. 16 through defections by lawmakers from Abdullah's ruling coalition.
`Obsessed'
``Political uncertainty, perception about the country's leadership, all these don't augur well for investor perception,'' Ariff said. ``The sovereign rating could be affected.''
Malaysia's economy grew 6.3 percent in the second quarter, the slowest pace in a year. Annual growth will ease to 5.7 percent in 2008 and 5.4 percent in 2009, from 6.3 percent in 2007, the government said last week.
``We are too obsessed with growth,'' Ariff said. ``There's no way we can get back to the growth rate of the late 1980s and it's not in our interest to get back on track when we grew too fast for our own good.''
The government may be overreacting in its attempt to pump- prime the economy, depleting its resources before a further slowdown in 2009, Ariff said. The institute will probably lower its 5 percent growth forecast for 2009 at a later date, he said.
Fiscal measures to boost the purchasing power of consumers will ``unwittingly'' fuel inflation, while a ``laid back'' interest-rate policy will push inflation-adjusted interest rates deeper into negative territory and spur capital flight, he said.
The central bank has kept its overnight policy rate at 3.5 percent in 19 straight meetings since April 2006, even as other Asian nations raised borrowing costs this year to cool soaring prices. Ariff predicts inflation will accelerate from a 26-year high of 8.5 percent in July in the months ahead.
``Local interest rates are artificially low and they are out of sync with what we see in the region,'' Ariff said. ``Some marginal adjustments are required to send the right message that we are doing something, or else the credibility issue sets in.''

[etct88]

Originally Posted by TD042

Change at singapore better.No matter how the rate is better then malysian

Hi Bro, any money changer recommended in Singapore. Used to change in Penisula Plaza area, was told one of the better place. Are those in Woodland any better. Agreed with you, change in singapore safer! You know what I mean.....thanks

[Mercenary19]

Woodlands causeway 6/9/08 8pm S$100 = RM$286.00

[Xdecepticon]

Originally Posted by TD042

The woodland centre that near the custom the rate is aslo good .

Bro, tis one near which part of woodland ctr? Cos I changed at nearby Shing Song. Exchange not so attractive.

[glen99]

Originally Posted by Mercenary19

Woodlands causeway 6/9/08 8pm S$100 = RM$286.00

Bro, RM$286.00?? this morning i saw was around RM$238 only leh.

[orochi_y]

I used to changed $$ @ Bugis money changer. There're two there's one is facing the bugis village and another one is inside the Bugis centre ( is an indian chief) their rate still acceptable, but the Indian would be better. Only prob is the indian boss doesn't keep alot msia RM, so must change fast.

I was change about SGD4.5K on Thurs @ 2.375, then change another SGD1.5k on Fri @ 2.38.

[orochi_y]

There're two in Bugis that i used to changed from them quite often, one is facing the Bugis village one, another is inside the Bugis shopping mall, (is an Indian Chief). Their prices still acceptable lah.

I was changed SGD 4.5K on Thurs @ 2.375, then changed another SGD 1.5K on Fri @ 2.38. Just only 1 day up .50cents already.