Ringgit tied to not fell

Since the beginning of September, the National Bank of Malaysia has introduced a fixed exchange rate of the national currency – Ringgit – in relation to the US dollar. According to the published Memorandum of the National Bank, 3.80 ringgitis equates to one dollar. After almost a year, with excess currency trouble, the Malaysian government decided to ensure the most severe option to ensure the stability of its monetary unit.

Before the start of last year’s stock and financial crisis, which struck the entire Southeast Asia, the Malaysian currency was very stable and without any binding. Unofficial ringgit called then "Malaysian dollar". Although, outside the region, this monetary unit was almost unknown, in the neighboring countries with Malaysia, she used respected. Banks in these countries (especially in Singapore) opened accounts in ringgits with the same pleasure as in solid global currencies.

Regional monetary and financial fever Malaysia also experienced, if compared with neighbors, quite safely. But so its position looks only against the background of absolutely unhappy countries, for example, Indonesia. And compared to calm, pre-crisis times of the loss of the country are significant. Since July 1997, when a regional crisis has begun, Kuala Lumpur Stock Exchange fell by 75%. And Ringgit fell in respect of the dollar by 40%. On the free currency market until recently, the dollar exchanged at 4.1-4.2 ringgitis.

Course fixation – part of the program declared by Prime Minister Mahathir Mohamad of emergency measures to confront the economic crisis. Achieve at least some success in this case for the premier is very important. At one time, he provoked a global political sensation, accused of undermining the East Asian currencies of the famous stock speculant and financier George Soros. Somewhat later, Mohamad with a crash kicked his minister of economy, who used the full trust of the country’s leader to a sudden fall and was even considered his official successor.

In general, it turned out that enemies both external and internal prime minister discovered and exposed. If after that, there would be no change in the economy in the economy, the people could suspect that it was not only in enemies, but maybe not at all in them. Therefore, Mohamad after the year oscillations went to hard binding. Now the number of ringgitis, which the National Bank has the right to release, determine simply. It is enough to recount how much American dollars is stored on his accounts, and multiply the result by 3.8. More neither the bank can no longer exist, no matter how much the government asked him.

For foreigners-travelers, this measure of special inconvenience will not bring. Single grieving: Life in Malaysia for owners of dollars has risen as far as much as the new fixed Ringgit rate is higher than the August market.

Free exchange of foreign currency on the local and back when Introduction of a fixed exchange rate was not limited. Malaysian banks work quickly and efficiently. Fee for their services they usually take not in the form of commissions (t. E. depending on the amount of exchange), and fixed – on $$ 2-3 per operation. Therefore, it makes sense to change immediately for money: at once on the whole trip. Moreover, the depreciation regarding the dollar Ringgit in the foreseeable future does not threaten.

In addition to banks in the cities of the country, private exchange points are legally function. They usually do not provide no commission, nor any other services fees. But before surrendering to the grace of private variables, look more closely in the exchange rate, which is indicated above its window. Remuneration Changes "hidden" there, and therefore often the proposed course is less profitable for a foreigner than banking. However, if we are talking about cash, the courses changed often better than banking. In banks it is more profitable to cash off travelers and make money from plastic cards. Unfortunately, because of our collapse, the domestic banking system, these operations are now available to a very limited number of Russians.

If your card is still working, in Malaysia you will have a lot of opportunities to use it. Cards of common world systems are accepted by all restaurants, hotels and shops, except the cheapest. Malaysian banks are connected to international settlement networks, and remove the money there with a clerk or through an ATM does not represent problems – if the card is valid, of course.