{"id":553,"date":"2005-07-21T08:12:00","date_gmt":"2005-07-21T08:12:00","guid":{"rendered":"http:\/\/maddruid.com\/wp\/?p=553"},"modified":"2006-10-08T11:52:34","modified_gmt":"2006-10-08T11:52:34","slug":"571-of-ringgit-unpegged","status":"publish","type":"post","link":"https:\/\/maddruid.com\/?p=553","title":{"rendered":"[551] Of Ringgit unpegged!"},"content":{"rendered":"<p>I&#8217;m going to exchange all the dollar I have left to ringgit right now. From <a href=\"http:\/\/www.bnm.gov.my\/index.php?ch=8&#038;pg=14&#038;ac=1054\">Bank Negara<\/a>:<\/p>\n<blockquote><p>Bank Negara Malaysia announces today that the exchange rate of the ringgit with immediate effect will be allowed to operate in a managed float, with its value being determined by economic fundamentals. Bank Negara Malaysia will monitor the exchange rate against a currency basket to ensure that the exchange rate remains close to its fair value. Promoting stability of the exchange rate continues to be a primary objective of policy.<\/p><\/blockquote>\n<p><s>And wow, we didn&#8217;t wait for China.<\/s><\/p>\n<p>p\/s &#8211; I&#8217;ve just found out that China has ditched their fixed regime in favor of flexible exchange rate. This can only one thing &#8211; the rumor that the Malaysian government did send a team to China for consultation purposes is true. It must be true since it is almost impossible for both Malaysia and China to simultaneously switch to floating exchange rate.<\/p>\n<p>About less than a year ago, I read somewhere that the Ringgit should be approximately between MYR 3.20 and 3.50 to a dollar. Let&#8217;s see if people in the economic circle have made the right prediction.<\/p>\n<p>I&#8217;m sure that whiny and bitchy US manufacturers are happy with today&#8217;s development. China right now, however, I think, has a strong incentive to reduce its holding of US T-Bills.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m going to exchange all the dollar I have left to ringgit right now. From Bank Negara: Bank Negara Malaysia announces today that the exchange rate of the ringgit with immediate effect will be allowed to operate in a managed float, with its value being determined by economic fundamentals. Bank Negara Malaysia will monitor the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-553","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=553"}],"version-history":[{"count":0,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/553\/revisions"}],"wp:attachment":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}