You can use dbs/posb to transfer to any bank in my listed in their site at no charge. So far I have transferred funds to cimb and ocbc in my.
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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
You can use dbs/posb to transfer to any bank in my listed in their site at no charge. So far I have transferred funds to cimb and ocbc in my.
Thanks, but the no charge is not permanent yah? I think CIMB is good, many atms so no need to carry large sums of money around.
DBS transfer rate is 3.0497 for today. Noted RM300 got service charge of $5. RM500 no service charge.
ATM fee for cimb is RM15 compared to RM8 for ocbc. Interest rate at ocbc also better.
It’s time to say goodbye to the strong SGD
ECONOMY | Marianne Estioco, Singapore
Published: 22 hours ago
The MAS will ease next week, analysts say.
Singapore’s central bank will have no choice but ease monetary policy in its upcoming policy meeting this month, as the city-state continues to grapple with the triple burden of falling inflation, weak economic growth and lacklustre global demand.
Analysts note that while the Singapore dollar has lost 7.5% against the greenback since the beginning of the year, it has still appreciated against its regional currencies. This strength has impacted Singapore’s export competitiveness.
“Despite overt weakness versus the US dollar, the fact that the balance of currencies in the SGD's basket have weakened even more aggressively will likely be the central bank's primary concern,” BMI Research said in a recent report.
BMI Research added that the Singapore dollar has been stuck in the lower half of the MAS's trading band since the beginning of 2015, which hints that a move to re-centre the band weaker could be in the offing.
“[This will] effectively [re-set] the currency at a lower nominal effective exchange rate versus its trading basket,” BMI Research noted.
Meanwhile, DBS believes that the central bank’s policy of a modest and gradual appreciation for the SGD is difficult to maintain due to the shrinking economy and weak inflation.
“Challenges are compounded by potential capital flight that could result from higher US interest rates and / or fears of further yuan devaluation. All things considered, the MAS is expected to ease monetary policy in October,” said DBS.
Credit Suisse expects the MAS to shift to a neutral policy stance, or zero appreciation, in order to give Singapore’s economy a much-needed boost.
“We now see MAS easing again in October by shifting to a neutral policy stance, or zero appreciation. This would allow MAS to drive the NEER lower to counter the economic slowdown, while waiting for clearer signs on the outlook for growth and the labour market. We expect the NEER to fall towards the bottom of its policy bands on confirmation of a dovish central bank shift. The weak domestic and global growth environment will likely encourage expectations for further MAS easing,” Credit Suisse noted.
The MAS’ bi-annual monetary policy meeting is expected to be completed by October 14 at the latest, and will be released together with the advance Q3 GDP release.
- See more at: http://sbr.com.sg/economy/in-focus/it’s-time-say-goodbye-strong-sgd#sthash.Q6yhuIGx.dpuf
ECONOMY | Marianne Estioco, Singapore
Published: 22 hours ago
The MAS will ease next week, analysts say.
Singapore’s central bank will have no choice but ease monetary policy in its upcoming policy meeting this month, as the city-state continues to grapple with the triple burden of falling inflation, weak economic growth and lacklustre global demand.
Analysts note that while the Singapore dollar has lost 7.5% against the greenback since the beginning of the year, it has still appreciated against its regional currencies. This strength has impacted Singapore’s export competitiveness.
“Despite overt weakness versus the US dollar, the fact that the balance of currencies in the SGD's basket have weakened even more aggressively will likely be the central bank's primary concern,” BMI Research said in a recent report.
BMI Research added that the Singapore dollar has been stuck in the lower half of the MAS's trading band since the beginning of 2015, which hints that a move to re-centre the band weaker could be in the offing.
“[This will] effectively [re-set] the currency at a lower nominal effective exchange rate versus its trading basket,” BMI Research noted.
Meanwhile, DBS believes that the central bank’s policy of a modest and gradual appreciation for the SGD is difficult to maintain due to the shrinking economy and weak inflation.
“Challenges are compounded by potential capital flight that could result from higher US interest rates and / or fears of further yuan devaluation. All things considered, the MAS is expected to ease monetary policy in October,” said DBS.
Credit Suisse expects the MAS to shift to a neutral policy stance, or zero appreciation, in order to give Singapore’s economy a much-needed boost.
“We now see MAS easing again in October by shifting to a neutral policy stance, or zero appreciation. This would allow MAS to drive the NEER lower to counter the economic slowdown, while waiting for clearer signs on the outlook for growth and the labour market. We expect the NEER to fall towards the bottom of its policy bands on confirmation of a dovish central bank shift. The weak domestic and global growth environment will likely encourage expectations for further MAS easing,” Credit Suisse noted.
The MAS’ bi-annual monetary policy meeting is expected to be completed by October 14 at the latest, and will be released together with the advance Q3 GDP release.
- See more at: http://sbr.com.sg/economy/in-focus/it’s-time-say-goodbye-strong-sgd#sthash.Q6yhuIGx.dpuf
Yes, SGD seems to be weakening against MYR to go back around 2.9-3.0. Fortunately I TT when it was 3.12 last week.
I think it's not a good idea to do this weakening of the sing dollar.
The weakness of the malaysia ringgit is due to fundamental weakness in Malaysia. And Singapore is basically trying to accommodate to them
Government intervention in market conditions is not natural and will result in unrationale market responses.
The weakness of the malaysia ringgit is due to fundamental weakness in Malaysia. And Singapore is basically trying to accommodate to them
Government intervention in market conditions is not natural and will result in unrationale market responses.
No more 3.12 story. Most likely S$ is going to weaken further next week. My forecast is 2.90.
http://www.thestar.com.my/Business/...urges-past-1700-as-ringgit-rallies/?style=biz
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Weakening of the SGD is done deliberately by MAS which is not a good sign based on past statistics..
The next round of rm drop will be much worse off, likely to hit rm3.20 - 3.25..
Agree. But think will probably go down further
And also due to Saudi statement..
http://www.reuters.com/article/2015/03/15/us-saudi-oil-idUSKBN0MB07K20150315
Back to 3.01 now. The central bank reserve is still dropping...
International Reserves of Bank Negara Malaysia as at 30 September 2015
The international reserves of Bank Negara Malaysia amounted to RM415.1 billion (equivalent to USD93.3 billion) as at 30 September 2015. The decline in reserves level in USD terms as at 30 September 2015 was mainly due to the quarterly adjustment for foreign exchange revaluation changes. The reserves position is sufficient to finance 8.6 months of retained imports and is 1.2 times the short-term external debt[1].
http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press_all&ac=3274&lang=en
International Reserves of Bank Negara Malaysia as at 30 September 2015
The international reserves of Bank Negara Malaysia amounted to RM415.1 billion (equivalent to USD93.3 billion) as at 30 September 2015. The decline in reserves level in USD terms as at 30 September 2015 was mainly due to the quarterly adjustment for foreign exchange revaluation changes. The reserves position is sufficient to finance 8.6 months of retained imports and is 1.2 times the short-term external debt[1].
http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press_all&ac=3274&lang=en
Singapore dollar falls on easing views
Reuters
Tuesday, Oct 13, 2015
Singapore's dollar slid on Tuesday as the central bank is predicted to ease monetary policy this week with the economy seen having slipped into a recession in the third quarter for the first time since the global financial crisis in 2008-09.
The Indonesian rupiah and the Malaysian ringgit , commodity currencies in Asia, led losses in regional units, after oil prices slumped.
China's imports fell in September for an 11th consecutive month, indicating the world's second-largest economy is still slumping and hurting exports of its neighbours.
The Singapore dollar eased 0.2 per cent to 1.4019 per the US dollar as of 0610 GMT.
That came as the Monetary Authority of Singapore (MAS) is expected on Wednesday to loosen its exchange-rate based monetary policy for the second time this year at its semiannual review, a Reuters poll showed.
"Market is pricing some form of easing," said Khoon Goh, senior FX strategist for ANZ in Singapore, adding the bank expects the MAS to re-centre Singapore dollar nominal effective exchange rate (NEER) policy band.
The central bank manages monetary policy by letting the Singapore dollar rise or fall against the currencies of its main trading partners within an undisclosed trading band based on its NEER.
Of the 25 analysts surveyed by Reuters, 15 expect the MAS to loosen policy.
Among those who predict an easing, seven expect the slope to be reduced to zero and four see a lower mid-point. Three others expect a slope reduction and re-centering, while one analyst expects a zero slope and band widening.
"If they just lower the slope to neutral, the rally in USD/SGD will be capped at around 1.4075 which is where I estimate the lower bound is," ANZ's Goh said.
"A re-centering will see a much larger rally possibly towards 1.4150 in the first instance." Singapore economy was expected to have shrunk 0.1 per cent in the third quarter from the previous three months on an annualised and seasonally adjusted basis after a 4.0 per cent contraction, a separate Reuters poll showed.
That would meet the definition of a technical recession, the first for Singapore since the depths of the financial crisis in 2008-early 2009 when the economy contracted for four consecutive quarters.
ASIA FX DOWN
Most emerging Asian currencies slid as a sharp fall in oil prices triggered profit-taking, especially in commodity currencies.
The rupiah slumped more than 1 per cent as Jakarta shares lost over 3 per cent. The currency lost ground in non-deliverable forwards markets.
Expectations for rising dollar demand from Indonesian companies also hurt sentiment on the rupiah.
The ringgit fell as lower oil prices bolstered concerns over Malaysia's overseas earnings from oil and gas sales. The country is a major exporter of palm oil and natural liquefied gas.
Oil prices tumbled overnight Monday as traders took profits after last week's surge to an 11-week high, and on a report that OPEC continued to boost crude production despite a persistent glut. Crude oil futures edged up on light bargain hunting on Tuesday.
- See more at: http://business.asiaone.com/news/singapore-dollar-falls-easing-views#sthash.uMNTMHYn.dpuf
Reuters
Tuesday, Oct 13, 2015
Singapore's dollar slid on Tuesday as the central bank is predicted to ease monetary policy this week with the economy seen having slipped into a recession in the third quarter for the first time since the global financial crisis in 2008-09.
The Indonesian rupiah and the Malaysian ringgit , commodity currencies in Asia, led losses in regional units, after oil prices slumped.
China's imports fell in September for an 11th consecutive month, indicating the world's second-largest economy is still slumping and hurting exports of its neighbours.
The Singapore dollar eased 0.2 per cent to 1.4019 per the US dollar as of 0610 GMT.
That came as the Monetary Authority of Singapore (MAS) is expected on Wednesday to loosen its exchange-rate based monetary policy for the second time this year at its semiannual review, a Reuters poll showed.
"Market is pricing some form of easing," said Khoon Goh, senior FX strategist for ANZ in Singapore, adding the bank expects the MAS to re-centre Singapore dollar nominal effective exchange rate (NEER) policy band.
The central bank manages monetary policy by letting the Singapore dollar rise or fall against the currencies of its main trading partners within an undisclosed trading band based on its NEER.
Of the 25 analysts surveyed by Reuters, 15 expect the MAS to loosen policy.
Among those who predict an easing, seven expect the slope to be reduced to zero and four see a lower mid-point. Three others expect a slope reduction and re-centering, while one analyst expects a zero slope and band widening.
"If they just lower the slope to neutral, the rally in USD/SGD will be capped at around 1.4075 which is where I estimate the lower bound is," ANZ's Goh said.
"A re-centering will see a much larger rally possibly towards 1.4150 in the first instance." Singapore economy was expected to have shrunk 0.1 per cent in the third quarter from the previous three months on an annualised and seasonally adjusted basis after a 4.0 per cent contraction, a separate Reuters poll showed.
That would meet the definition of a technical recession, the first for Singapore since the depths of the financial crisis in 2008-early 2009 when the economy contracted for four consecutive quarters.
ASIA FX DOWN
Most emerging Asian currencies slid as a sharp fall in oil prices triggered profit-taking, especially in commodity currencies.
The rupiah slumped more than 1 per cent as Jakarta shares lost over 3 per cent. The currency lost ground in non-deliverable forwards markets.
Expectations for rising dollar demand from Indonesian companies also hurt sentiment on the rupiah.
The ringgit fell as lower oil prices bolstered concerns over Malaysia's overseas earnings from oil and gas sales. The country is a major exporter of palm oil and natural liquefied gas.
Oil prices tumbled overnight Monday as traders took profits after last week's surge to an 11-week high, and on a report that OPEC continued to boost crude production despite a persistent glut. Crude oil futures edged up on light bargain hunting on Tuesday.
- See more at: http://business.asiaone.com/news/singapore-dollar-falls-easing-views#sthash.uMNTMHYn.dpuf
Yah, another US$2 billions lost in one month............first it breached the US100 billion few months ago, now at US$93.3 billions, will it breach the US$90 billion soon?
Scary!!
How many more billions can they afford to lose before they impose capital control ?
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