Dasar Goblok Bank Negara Malaysia Memperkayakan Singapura Pula. Malaysia Rugi.

The antics of Bank Negara Malaysia continue to beguile everyone except Bank Negara and those who do not understand anything about anything. Last year they raised the OPR rates (interest rates) for no good reason, other than to mimick the United States monetary policy - which has nothing to do with our country. Kononnya to help strengthen the Ringgit which it did not. The Ringgit has continued to weaken. 

Instead the 0.25% jump in the OPR (to 3%) saw a jump of over RM600 in my monthly instalment payments alone for our bank loan.  Plus millions of other bank borrowers all saw higher monthly instalments as a result of that 0.25% hike in the OPR. This has resulted in an upward creep in rental rates and building maintenance fees all over the country. Property owners have to cover their higher costs.

Now Bank Negara Malaysia is waiting for the signal from the Americans again - if the US cuts their interest rates it is most likely that Bank Negara will follow suit. 

Why should we follow American monetary policy? The American GDP is US$28 TRILLION which is 627 TIMES (oops) the size of Malaysia's GDP of US$212 BILLION. They are gigantic. 

They can use monetary policy to influence their exchange rates. Malaysia CANNOT. The whole world is still hungry for US Dollars. But who wants the Malaysian Ringgit.  

The Americans can simply print billions of extra US Dollars (Quantitative Easing) and get away with it. It did not weaken the US Dollar. But if a kuchi kancil economy like Malaysia were to print money our Ringgit will become worthless like Zimbabwe money or Japanese Banana money during World War 2.

Dont you know the peribahasa : Gajah berak besar, kancil pun hendak berak besar, akhirnya mati kebebangan. Maksud: hendak meniru perbuatan orang besar (kaya), akhirnya diri sendiri yang binasa.

So please dont be copycatting American monetary policy. There is no connection between Abdool Cader Mydin Meera and John Pierpont Morgan.

And now Bank Negara Malaysia has been messing up the Ringgit again - this time by imposing useless and questionable rules on the money change industry. 

Previously Bank Negara Malaysia introduced new rules requiring money changers to record the personal particulars of anyone changing more than RM3,000 into foreign currency. Now the rules have been tightened further - even for amounts below RM3,000 the money changers have to record the personal particulars of the clients. 

This has of course created plenty unhappiness among tourists, travellers and the general public. As well as the money changers as it directly impacts their business.  The net result is loss of business for Malaysian money changers.

Here is some news:

Malaysian workers convert cash in Singapore (TO AVOID) declaring personal info

Under a new bank rule in Malaysia, those who change foreign currency worth RM3,000 and below must provide their full name, identification card number, and date of birth. Foreigners need to show their passports.

This has apparently led to a loss in business for money changers in Malaysia.

Many customers are now changing their money in Singapore instead as they fear their particulars are being collected to be sold to scammers or reported to the Inland Revenue Board, The Star reported.

Workers change money in Singapore after new law in Malaysia

new law came into force on 6 Feb

Malaysians heading to Singapore to change their money instead.

47-year-old Mohd Ali Hassan, who travels to Singapore daily, told The Star that the new ruling is “confusing and inconvenient”.

“Why are they asking me for my personal details? I am worried this information may be misused and they might report me to the income tax department,” he said.

He added that he used to change his money in Johor, where the exchange rates were better sometimes.

Another Malaysian working in Singapore, Ms Wendy Tan, 35, has started changing her money here too.

She expressed concern about the potential misuse of her particulars. Ms Tan also noted her shock when the money changer asked for her details “just to change S$200 (RM710)”.

Many are now choosing to convert their cash in Singapore.

My Comments :  

"they fear their particulars are being collected to be sold to scammers or reported to the Inland Revenue Board, The Star reported"

Particulars will be sold to scammers!!  This shows how much faith the Malaysian public has in their gomen.

Here is the bottom line lah. Singapura jadi kaya, Malaysia jadi miskin. Instead of changing their Ringgits here in Malaysia not only Malaysian workers in Singapore but foreign tourists and travellers will change their money into Ringgits in Singapore. The Singaporean money changers will become richer while the Malaysian money changers will lose business. 

So congratulations Bank Negara Malaysia for helping the Singapore money changers. Sekali lagi hanya merugikan negara. Tahniah. 

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.