Sunday, February 24, 2013

Why RM1000 and RM500 denominations declared not valid?

Struck one and two! Strike three you are out, Brother Anwar Bin Ibrahim (BABI)!




Because at least three banks in Singapore, one of them is the National Bank of Israel, deep in the vaults lie billions of ringgits, but alas they are all in RM1000 and RM500 notes in which our former prime minister, Tun Mahathir Mohamad, when he was in power and in the midst of the currency crisis of the late 90's declared the two ringgit denominations to be not valid.
A smart move by Mahahtir when he found out BABI was trying to topple him when the later insisted that Malaysia should be enslaved by the Word Bank and the International Monetary Fund (IMF) by borrowing money from this two Israel and American controlled institutions.
Our simple minds sometime cannot think beyond the normal realms of thinking or to think outside the box, let me tell you now.
BABI wants to be the next prime minister so that he could rescue and change Malaysia's monetary regulations. He wants the RM1000 and RM500 denominations to be back in circulations.  So he can have his money back!
Bank Negara sources say Singapore banks have been in touch to inquire about what to do with the billions of ringgit stashed in Singapore in these two denominations, Bank Negara said no problem just ask the accounts holder to get in touch.
Thus far BABI dare not get in touch with Bank Negara.
The question that needs to be asked is: Why is BABI so desperate to become PM, well now you know the real answer! Read Unspinners here....

P/S Actually embattled Mahathir knew of the accounts but could not do anything until opportunity struck that was in the form of Currency Crisis.  Well, BABI you are not that smart a fella , when you think orang Melayu ni semua bodoh!

19 comments:

Anonymous said...

No! Semua Orang melayu Tak Bodoh!

CUMA KAMU SAHAJA YANG BODOH!

Anonymous said...

Banknote Collector's price is S$1,500 a piece for the RM1,000 note !

Anonymous said...

In the early 60s many countries including you know which country also bought Taiwanese Gold Bullionunder suoervision of IMF. The contries concerned printed high value notes in local country to pay for the gold to be redeamed later by Taiwan. Then came the demonatisations of these high value notes and the Taiwannese were left high and dry.

Anonymous said...

aku rasa aku masih bodoh bangang lagi sebab aku melayu miskin.Melayu kaya keparat aje yg berlaga-laga pasai duit beribu juta lepas tu.. cheng..cheng..cheng..si Cibai bacin sepet juga yg untung!!

Anonymous said...

Yes. This is the BABI who goes round the country telling his stupid supporters that 'rakyat tak bodoh'. Yes. Rakyat tak bodoh. Except those who believe him.

kampong lad said...

how many pieces of rm1,000 & rm500 notes issued by bnm & how many retrieved? bnm has the answer. so, it is a fact or what?

Anonymous said...

Mujur Malaysia ada Tun Dr M ketika itu. Semoga Allah pelihara beliau supaya sentiasa berada dalam keadaan sehat dan bahagia sentiasa disamping keluarga nya yang tersayang.

arizmaya said...

when the currency crisis hit malaysia in 1998, it also causing panic among Malaysian especially those with a lot of money in the local banks. Most of them decided to withdraw the money and deposited them in banks in countries not affected by the crisis.
In order to stop this trend local bank offered high interest rates on savings deposit. For a moment it seemed to have worked... not until Singapore came in to throw the spanner

Instead of helping neighbors (Malaysa, Indonesia and Thailand) in distress Singapore did exactly the opposite. Singapore banks enticed the Malaysian, Indonesian and Thailand to deposit their money in the country of origin's currency. Meaning malaysian is allowed to open an account to deposit RM instead of having to convert the currency to SD. Like wise the Indonesian will be allowed to deposit their rupiah and the Thais their Thai Bath. On top of that as to encourage the Malaysian, The Indonesian and the Thais to deposit their money in Singapore, the Singapore Banks offered much higher interest rate than what the local banks in the countries hit by the currency crisis could offer. This strategy is very popular among the depositors in Malaysia, Indonesia and Thailand because it effective mitigate the highly unstable and fluctuating foreign exchange rate at that moment. Meaning, Malaysian depositor is depositing his RM money in a Singapore Bank and earn returns also in RM. When he decides to withdraw, he will be paid in RM currency. When he takes back the money to Malaysia, there is no exposure to forex rate as oppose to if he is paid in SD then he will have to convert to RM. With the exchange rate fluctuating beyond control the malaysian depostor may suffer a loss in value of his deposit which at the end of the day negate his purpose of depositing his money in Singapore.
In a nutshell, what Singapore was doing then is effectively sabotaging (killing)the banking industries of Malaysia, Thailand and Indonesia at a time when they were at their most weakest time.

Whether anwar keep his money in Singapore or not is moot but billion RM are being kept in Singapore's banks by Malaysian was a fact. When our govt decided to implement the selective capital control one of the measures taken to ensure it is fool proof and effective is to recognize only those RM currency being circulated in Malaysia are legal tender. Whereas those RM currency circulating beyond it shore do not carry any value. This in effect make ALL RM currency beyond our shore are worthless piece of paper not withstanding what denomination it carries.
This in effect put a stop to all speculating activities in RM currency by the currency speculators as RM beyond Malaysian borders no longer carries any value. This is based on the principle that any currency only has value in the country of origin.
As our government expect there will be attempts to smuggle the hard currency to Malaysia as a result of the measures, the government decided to demonetize the RM500 and RM1000 in circulation. This will make attempts to smuggle RM back home in large amount difficult and less practical as it requires a massive space to smuggle in the millions in smaller denomination.

The impact of this measure is astounding to say the least.
1. Currency speculator who traded/speculated in Malaysian ringgit in the account suddenly found that the billion of ringgit in their vostro/nostro account has zero value. This has caused massive loss. Quantum Fund belonging to George Soros suffered a huge loss. There are other currency speculator fund based in Singapore which bet heavily against the Malaysian RM also suffered serious loss and some has to close shop.

2. Singapore's bank who enticed Malaysian to withdraw their savings from malaysian banks and deposit their ringgit with them suddenly found that they are having mountain of worthless papers perhaps as good as 'paper lama' recycled industry.

Anonymous said...

Hello! They are Declared Invalid because Negara No More Money Except For Banyak Hutang!!

Countries with Banyak Hutang all do that!

Cowboy said...

Why have mountains of bank notes? Easier to have a bank account - can shift money here, there easily, plenty of banks will assist with few questions asked. I just dont believe that a guy that people claim is worth billions keeps it under his mattress (figuratively).

Anonymous said...

Hello 2:10

You are another tin kosong showing off your stupidity.

Anonymous said...

Hello 2:10

You are another tin kosong showing off your stupidity.

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Agree 200%

Anonymous said...

arizmaya Feb 25

Wah, lau - you sure "spin" a good story!

Now, where's the proof?

Why not ask yourself why it was that Indonesia, Malaysia and Thailand were hit by the financial crisis, but not Singapore?

Why is it that the central banks of Indonesia and Thailand haven't "demonetised" their big denomination currency notes that were allegedly deposited in Singapore banks?

Nope - Indonesia and Thailand went to the IMF, implemented their recommendations and emerged with stronger economies.

Malaysia? Well, why is the Singapore Dollar worth 2.50 Ringgit?

Like they say, you can fool some people some of the time.....

Anonymous said...

Not only anuwar is involved. Daim's money stuck in new york.

Anonymous said...

Anon 5.25

You better believe it. It is TRUE.

Anonymous said...

anon @ February 26, 2013 3:03 PM singkie was in the loop of currency traders and so was china who pegged their currency to USD which was the protection

thailand and indonesia will be paying off loans for years to come

there are whispers ofcurrency fixing much likematch fixing based in ..... you guessed it ... singapore

Anonymous said...

It happens to people when they are greedy AND stupid!!

Anonymous said...

anon 4:33

you believe in gossip?

Anonymous said...

Anon 10.31. I agree with you. Allah melanjutkan usiah Tun Mahathir. We want him to also enjoy the future, which will be known five years from now, that he has built for us.