Tuesday, January 12, 2010

Ringgit to appreciate to 3.15: StanChart

THE ringgit is expected to surge to 3.15 against the US dollar in the fourth quarter of this year, said the Head of FX Research, Standard Chartered Bank, Callum Henderson.

Henderson said among the factors that would contribute to the appreciation of the ringgit is the growth of the Malaysian economy, led by commodity and agriculture exports, a depreciation of the greenback and moderate growth in the electronics and electrical (E&E) sector.

"At the moment, we are quiet positive over the ringgit. The recovery in the economy will provide a boost to the ringgit in strengthening its position," he told reporters after presenting a paper on, "Asian Currencies Amid the Global Recovery," at the 2010 Standard Chartered Bank Global Research Briefing, here today.

The ringgit opened easier at 3.3440/3470 against the greenback today compared to yesterday's close of 3.3350/3380.

Two other speakers at the session were Standard Chartered's Chief Economist and Group Head of Global Research Dr Gerard Lyons and its Regional Head of Research, South East Asia, Cheung Tai Hui.

Asked if there is a need for a third stimulus package in Malaysia, Cheung said :"We probably would not need one for a number of reasons.

"If you see the economic data, Malaysia has been making a decent recovery since the third and fourth quarters of last year.

"Therefore, with the improving economic backdrop as well as the desire to consolidate the fiscal position, which I think is the right thing to do, an additional stimulus package is unnecessary.

"There may be a discussion on whether some of the measures announced last year needs to be extended. For example, credit guarantees or other similar business measures. I think additional spending is not necessary at this point of time."

The government has introduced two stimulus packages totalling RM67 billion to date.

The first package, valued at RM7 billion, was introduced in November 2008 while the second was unveiled in March last year.

Earlier, Cheung presented a paper on "Asian Economies Riding on Own Momentum". Lyons presentation was a paper titled, "The Post Crisis World:Implications for Asia." - Bernama

马币升值?为什么我几个星期前看到的新闻是国行说马币要贬值 5% 的??
Zetti 在搞什么?

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