Malaysian Ringgit Hits 18-Year Depression Against Us Dollar; Bitcoin Trading Inwards Malaysia Continues To Climb



The Malaysian ringgit had a terrible year, dropping 17% against the complaint since Apr of 2016. The ringgit did demonstrate approximately forcefulness inwards the outset iv months of 2016, hitting a high of 3.843 on Apr 11, however, Trump’s election caused the Malaysian currency to drib precipitously during the the final ii months of 2016.



While Malaysia’s currency has been inwards a downtrend since 2013, on Jan 4, 2017, the ringgit hitting an 18-year depression of 4.4995 against the complaint - a cost non seen since 1998.

And the ringgit is expected to weaken fifty-fifty farther inwards 2017, according to a BMI Research report, which states:
“Given that China is Malaysia’s largest export partner, nosotros believe that Malaysia’s export-driven economic scheme remains exposed in addition to is probable to live on negatively impacted.”
Additionally, BMI’s study states that involvement rates hikes inwards 2017 yesteryear the FED may gear upward the phase for farther ringgit losses.

The ringgit’s horrible functioning has non gone unnoticed yesteryear tech-savvy Malaysian investors, who are increasingly looking to choice investments to save purchasing power.

Bitcoin, the digital currency that is non backed yesteryear whatsoever authorities or cardinal authority, was heavily traded on LocalBitcoins - a P2P marketplace for digital currency traders - inwards Malaysia inwards the final ii months of 2016.

In fact, the outset large spike inwards book on LocalBitcoins inwards Malaysia occurred inwards the calendar week next Trump’s election, when RM1,595,772 worth of Bitcoin changed hands inwards the country.



And inwards the weeks next the the U.S. election - every bit the ringgit began to drib really chop-chop against the dollar - book on LocalBitcoins continued to surge, hitting an all-time high of RM2,650,067 ($592,524) for the final calendar week of December.



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