|MALAYSIAN TOKENS IN DILEMMA?|
|Written by Admin|
|Friday, 17 August 2012 05:43|
AS A LAYMAN Malaysian born before Sabah and Sarawak joined Malaya to form Malaysia, I am just puzzled by the way our currency had lost its value by comparison to our neighbors, Brunei and Singapore.
As I have written in my earlier articles, the stages how the Ringgit Malaysia (RM) had been losing its value from RM1 = B/S$1 in the 1970’s is mind boggling. How can our RM1 be B/S$0.40 or B/S$1 = RM2.522? The table below shows the performance of exchange rate between the Singapore/Brunei $ against the Ringgit Malaysia (RM) – source Bank Negara Malaysia.
Table: Singapore/Brunei $ against the Ringgit Malaysia (RM)
Dear fellow Malaysians, the blatant truth about the lost of purchasing power of the RM is not yet fully absorbed and understood in our puzzled heads! Malaysians now discover “devaluations” in our coins or what I shall call the “Malaysian Tokens” in our daily life. The face values of our coins issued in the Third Series of Malaysian Coins look good. But does anyone realize that the coins do not carry their real value in the metals’ worth? Please check the table below:
OLD COINS VS NEW COINS COMPARISON
What used to be a good combination of bi-metal alloy mixture of Nickel, Brass, Copper and Zinc making up the true value of RM0.50, RM0.20, RM0.10 and RM0.05 is today (with the latest series) not really worth the real metal combination that is used to mint the new coins.
For a layman like me – although the face value of the coins remain the same, our coins have lost their actual value in the metals alloy being used, coupled with the reduced size, and weight being used. Unlike the earlier versions, you can even use a magnet to pick them up the stainless steel 10 cents, 5 cents and 1 cent coins!
First, we have lost our currency values today as opposed to the 1970’s and now our coins are produced with lower quality metals and values. So, where are we heading to in our “Malaysian Development” when we do not reflect our true “values”? Does anyone realize that at one time we were earning “RM1,000 equaled B/S$1,000”? Today, our RM1,000 is only worth B/S400! Put it the other way, B/S$1,000 is now worth RM2,522.
With these facts on paper, how much harder have Malaysians to work in order to realize and become a “High Income Nation” that our leaders want to project? Or are we being fooled?
Pseudonym “A very concerned East Malaysian”
|Last Updated on Friday, 17 August 2012 05:46|