Lower 2nd Qtr GDP

Quarter 2 GDP 2010

BNM gave a lower 8.9% GDP figure for quarter 2, 2010. I assume this is due to the slower global GDP growth. Personally the Najib administration must prepare for a lower GDP target for 2010. (previously forecast at more than 6%)

Relaxation of foreign exchange rate rules

On August 18th 2010 , the government decided to allow the use of MYR when dealing with foreigners for trade settlements. The next day the ringgit was at its peak. I am not sure as to the MYR rules when a resident goes overseas. In September 1998 when the MYR was pegged to the greenback, residents were only allowed to carry a certain amount of cash. I am not sure if this rule still applies today since I HAVE NOT BEEN OUT from Malaysia for the last 20 years.Even so I am not sure if the sum was just cash or was it everything i.e. all the banking instruments such as travelers check and credit cards.