After the whole US elections, which we covered here, many people have wondered how would this affect us. Well, from a currency point of view, it’s not looking pretty.
Almost immediately following Trump’s victory, the US dollar rose to a 3.5-month high and the all-important Malaysian Ringgit sunk to a 12-year low.
Exchange Rates recently posted something on the history of the US dollar against the Malaysian Ringgit over 180 days from 16/05/2016 to 9/11/2016, here’s what they’ve found.
- Highest: 4.3076 MYR per USD
- Average: 4.0878 MYR per USD
- Lowest: 3.9419 MYR per USD
That’s a huge change for just 15 months! And this did take its toll on almost every Malaysian. Here’s a list on how it changed over just this month.
Well the first group most affected by this would definitely be Malaysian students studying abroad, especially in the US. Not only does their cost of living go up, but their tuition per semester is now much more expensive.
Some students complained that their annual tuition cost went up by almost RM3,000! So to all you ADTP students, keep this in mind.
The next group would have to be Malaysians going travelling as many countries tie their currencies to the US Dollar, so that means the exchange rate is unfavorable for us there too.
This has lead to many in Malaysia to demand higher wages, but any economist would tell you that that would drive inflation even higher.
So ya’ll who wanna spend USD, just think twice lah.
Najib: “Malaysia is the only country in the world to use Covid-19 as an excuse to suspend the parliament”
Today (January 20), Datuk Seri Najib Tun Razak challenged Finance Minister, Tengku Datuk Seri Mohd Zafrul Tengku Abdul Aziz’s statement...
Ang Mohs In Indonesia Forced To Do Push-Ups & Sweep Streets As Fines Are “Too Cheap”
It’s no secret that many foreigners prefer Asian countries for vacations and jobs, but being in a foreign country means...
Jack Ma Resurfaces In Video Conference After Being MIA For Nearly 3 Months
Founder of Alibaba.com and billionaire, Jack Ma, was reported missing and under the surveillance of the Chinese government as he...
Perhilitan Saves Deer With Broken Leg After It Was Hit By A Vehicle in Perak
A male deer was rescued last night by the Perak Department of Wildlife and National Parks (Perhilitan) Department a car...
“You have the right to be angry at politicians, not the frontliners” Selangor MB Tells Rakyat
In his press conference today (20 January), the Selangor MB has said: “I realise that Malaysians are holding a deep...
News18 hours ago
Motorcyclist Who Robbed 51yo Woman In Car Park Arrested While Victim Suffers Injuries
Social Stories14 hours ago
MDEC Chairman Under Fire After Telling M’sians To Shop Less Online & Support Local Stores Instead
Social Stories15 hours ago
PDRM Warns Public Of New Scams Targeting To Take Over WhatsApp Accounts
Social Stories14 hours ago
“We are depressed” Syed Saddiq Gathers Over 1,000 Responses From Worried SPM & STPM Students