Forex Reserves Down In Malaysia
The foreign exchange reserves of Malaysia fell by $4 billion last November 2005 as many fled due to the disappointment over the appreciation of the country’s currency.
According to the Daily Times Website, investors were discouraged by a meager appreciation in the Ringgit, which only gained 0.6% since July 21 this year at 3.7785 per $1. The increase was a very short of investors’ expectations who have poured in funds in Malaysian bonds since 2004 since the Ringgit was anticipated to rise by 10% come 2005.
The drop in Malaysia’s reserves last November 2005 was the second in two straight months. This is then expected to last for another 2 months or so. Economists said that its effect would most likely be the same with short-term funds that will come due in the first quarter of 2006.
Due to this, Malaysia’s decline in foreign exchange reserves have affected Asia’s foreign exchange reserves causing it to fall for the third straight month as a whole by $2.2 billion to $1.87 trillion.
(Source: Asia Forex Reserves Fall In Nov As Funds Flee Malaysia, Daily Times Site Edition)
According to the Daily Times Website, investors were discouraged by a meager appreciation in the Ringgit, which only gained 0.6% since July 21 this year at 3.7785 per $1. The increase was a very short of investors’ expectations who have poured in funds in Malaysian bonds since 2004 since the Ringgit was anticipated to rise by 10% come 2005.
The drop in Malaysia’s reserves last November 2005 was the second in two straight months. This is then expected to last for another 2 months or so. Economists said that its effect would most likely be the same with short-term funds that will come due in the first quarter of 2006.
Due to this, Malaysia’s decline in foreign exchange reserves have affected Asia’s foreign exchange reserves causing it to fall for the third straight month as a whole by $2.2 billion to $1.87 trillion.
(Source: Asia Forex Reserves Fall In Nov As Funds Flee Malaysia, Daily Times Site Edition)
posted by creditinfo at 5:09 PM
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