Malaysia's IFR escalates ....

Following the country's decision to de-peg and re-float its currency on 21/07/2005, (immediately following China's decision to do so vis-a-vis its Yuan) the Internal Forex Reserve (IFR) of the central bank (BNM) as at 29/07/2005 shows a jump of a whopping USD 3.5 billion. IFR's position now stands at USD 78.7 or RM 295.13 billion. The strengthening of the Ringgit contributed to the increase, as is the inflow of foreign currencies immediately following the decision to de-peg. Whether this augurs well for the country is unknown since the financial terrorists out there are still alive and kicking.

The financial position of BNM means that the country's finances can sustain 9 months of import and 7.6 times its short-term external debts.

Meanwhile, the price of oil per barrel is now touching USD 64/=.