Din Merican: o blogueiro malaio DJ.
& # 8230; melhor seguir a verdadeira verdade das coisas & quot; Maquiavel.
Resenha: Notas para o primeiro-ministro.
Revisão do livro.
Os asiáticos podem pensar.
por Dr. G. Sivalingam * (19 de agosto de 2011)
NOTAS para o Primeiro Ministro detalha as comunicações ou conselhos de Tan Sri Nor Mohamed Yakcop ao Primeiro Ministro Tun Dr Mahathir Mohamad em conexão com a eclosão da Crise Financeira Asiática em julho de 1997 a agosto de 1998, quando a Malásia introduziu controles pouco ortodoxos de capital para salvar a economia real dos especuladores e o FMI, que estava claramente mal informado ou tinha um projeto maligno para transformar radicalmente a estrutura de propriedade dos ativos da economia real fundamentalmente forte da Malásia.
Uma saída da leitura é que foi a brilhante análise da crise feita por Nor Mohamed que o levou a persuadir o primeiro-ministro a impor controles de capital. Muitos argumentaram que os controles de capital chegaram um pouco tarde porque a maioria dos fundos havia deixado a economia, quando os controles de capital foram finalmente introduzidos em 1º de setembro de 2011. No entanto, o primeiro-ministro, segundo as notas divulgadas neste livro editado, em consideração todos os aspectos da situação e agiu de forma responsável para salvar a economia real, empregos e negócios que de outra forma poderiam ter sido transferidos através de vendas de emergência para os estrangeiros.
Isso é contrário à opinião expressa em revistas acadêmicas de primeira linha de que controles de capital foram introduzidos para salvar os comparsas do primeiro-ministro. Um método suspeito foi usado pelos autores desses artigos acadêmicos para identificar os comparsas e os dados manufaturados foram submetidos a testes científicos vigorosos para produzir uma conclusão em grande parte errônea. Isso mostra claramente que a ciência pode ser usada para distorcer a realidade. É oportuno que o lançamento deste livro ponha um fim à “hipótese de compilação de controles de capital” que está em voga há algum tempo.
Eu não hesitaria em recomendar este livro para um curso de pós-graduação em Finanças Internacionais, uma vez que fornece uma descrição detalhada das estratégias de hedge e negociação e o funcionamento dos mercados financeiros internacionais no dia a dia, conforme a crise se desenrola. As notas são os escritos de um especialista no campo das finanças internacionais, com um conhecimento detalhado dos mercados a prazo e instrumentos utilizados para a especulação nos mercados financeiros nacionais e internacionais que estão interligados. Os alunos encontrarão este livro de imenso valor, porque traz à teoria da vida em um cenário da Malásia.
Nem Mohamed corretamente discorda do fato de que as reservas da Malásia durante a crise foram depositadas em bancos estrangeiros como o Citibank na Europa e nos EUA, e não nos bancos domésticos localizados no Labuan Offshore Financial Centre. Isto é definitivamente uma reminiscência da era colonial.
No entanto, o que é mais prejudicial do ponto de vista financeiro é que o Banco Negara deposita o dinheiro em bancos estrangeiros a uma taxa de juros baixa e quando o banco malaio precisa de reservas estrangeiras, ele precisa tomar emprestado de um banco na Europa a taxas de juros infladas. O que Nor Mohamed questiona com razão é por que esses fundos não poderiam ser depositados no mar em um banco malaio em Labuan e usados ​​com conveniência para afastar especuladores de moeda.
Durante a crise financeira asiática, o FMI e seus apoiadores na Malásia pressionaram por altas taxas de juros, e Mohamed argumentou corretamente contra a proposta de aumento das taxas de juros. Seu argumento é que as taxas de juros devem ser aumentadas durante um boom e não uma recessão.
O contra-argumento era que o aumento das taxas de juros atrairia fundos de curto prazo e isso ajudaria a fortalecer o ringgit que estava então em queda livre. No entanto, o aumento das taxas de juros fará com que o mercado de ações caia, pois o financiamento de margem pode se tornar muito caro e, como resultado, os especuladores e fundos de hedge movimentarão seu dinheiro para fora da Malásia e farão com que o ringgit se deprecie ainda mais.
Nem Mohamed também apontou na época da crise que as altas taxas de juros resultariam em empresas incapazes de pagar seus empréstimos e, como resultado, os empréstimos inadimplentes (NPLs) dos bancos aumentariam.
Nem Mohamed também faz o ponto correto de que os fundamentos da economia malaia foram fortes na eclosão da crise financeira asiática em 1997 e continuaram fortes durante a crise. A queda livre do ringgit foi então o trabalho de especuladores da moeda movidos por espíritos animais ou o que Nor Mohamed prefere chamar de “ganância e medo”.
O fato de a economia real ser forte foi apoiado pelo fato de que as exportações eram fortes e o IDE ainda estava chegando. As perdas de emprego eram no mínimo. Os japoneses também haviam considerado que a economia real era fundamentalmente forte e se ofereceram para criar o Fundo Monetário Asiático (FMA) para fornecer fundos para matar os especuladores em seu próprio jogo. No entanto, os americanos e o FMI se opuseram à criação do AMF.
Como apontado por (Jagdish) Bhagwati, da Universidade de Columbia, o complexo do Tesouro-Wall Street junto com o FMI estava empenhado em criar estragos ao levar o ringgit a uma queda livre, sugerindo que a economia malaia estava cheia de corrupção e favoritismo e mais - investimento em renda gerando pesados ​​projetos de investimento de capital.
Até Nobel Laureate, A. K. Sen falando em Cingapura na época da crise estava confiante em recuperação, porque apontou que a economia real era fundamentalmente forte.
O muito desacreditado FMI teve que comer suas próprias palavras quando anos depois da crise teve que admitir com muita humildade que “os controles de capital são necessários em algumas situações”.
As anotações de Mohamed também são mais do que suficientes para responder à pergunta: “Os asiáticos podem pensar?” As anotações mostram claramente que não apenas os asiáticos pensam, mas podem pensar criativamente e são corajosos o suficiente para pensar “contra a corrente”, o que é louvável.
Este livro confirma que foi um tempo angustiante para Mahathir e Nor Mohamed, mas eles conseguiram pegar o touro pelos chifres e direcionar a economia de volta a um caminho de alto crescimento econômico sustentável. Este é o melhor livro sobre a economia da Malásia que li por algum tempo.
* G Sivalingam é Pesquisador Sênior Visitante, Instituto de Estudos do Sudeste Asiático, em Cingapura. Notas para o primeiro-ministro: A história não contada de Como a Malásia derrota os especuladores da moeda por Wong Sulong é publicada pela MPH Publishing, Kuala Lumpur (Preço: RM69).
Pós-navegação.
21 pensamentos sobre & ldquo; Resenha: Notas ao Primeiro Ministro & rdquo;
As notas abordam uma faceta da economia da Malásia, que é o setor financeiro e bancário, especificamente com o mercado de câmbio. É um pouco exagerado por parte do meu bom amigo e crítico, Dr. Sivalingam, dizer que este é o melhor livro sobre a economia da Malásia & # 8230; & # 8221; Mas ele tem o direito de expressar essa opinião pessoal.
Li outros livros bem pesquisados ​​e escritos sobre a crise financeira asiática de 1997-1998, de Jomo Kwame Sundaram, Terence Gomez, Mahani Zainal Abidin, Andrew Sheng, Joseph Stiglitz a Paul Krugman e outros, e não classificariam as Notas como as melhores em o sujeito. Caso contrário, Mahathir e Nor Mohamad mereceram o Prêmio Nobel de Economia! Stiglitz e Krugman ganharam por suas pesquisas e contribuições para a Ciência Econômica.
É verdade que os controles de capital (controle seletivo de capital para ser exato) introduzidos em setembro de 1998 salvaram a economia da Malásia de um colapso total com incalculáveis ​​custos sociais e financeiros. Assim, o crédito deve ser dado ao primeiro-ministro Mahathir por desafiar a sabedoria convencional do FMI. na época, e salvando a economia da Malásia.
O trabalho de Tun Daim Zainuddin e sua equipe no NEAC, que incluiu pessoas como Mustapha Mohamad, Sulaiman Mahboob e Mahani Zainal Abidin, entre outros, foi ignorado. O economista Al Alim e eu trabalhamos nos bastidores com Tun Daim e o professor Jomo na Universidade da Malásia na época. Conversamos sobre o modelo chileno e escrevemos para Tun Daim sobre isso em março de 1998. Veja swp-berlin / fileadmin / contents / products / arbeitspapière / DiskussP_ChileanExperienceks. pdf para uma revisão do sistema de controle de capital chileno e seus efeitos.
No entanto, continuo não convencido de que "a opinião expressa em revistas acadêmicas de primeira linha de que os controles de capital foram introduzidos para salvar os compadre - res do primeiro-ministro" 8221; foi completamente desmentida pelo que a Malásia fez com sucesso com a imposição de controles de capital. Deve ser lembrado que toda a motivação para a privatização da Malásia foi centrada no caixão e inspirada na NEP. Apesar de impedir que a economia (principalmente empresas e empregos) do colapso total, os controles de capital salvaram os capitalistas de compadre do UMNO.
Como resultado da decisão de Mahathir de impor controles de capital, a NEP foi salva e a legitimidade de seu regime permaneceu intacta até que ele decidiu demitir Anwar Ibrahim, que o forçou a renunciar em 2003 (por razões completamente diferentes, entre eles os resultados das eleições gerais de 1999). Não há nada de científico nisso. A evidência é irrefutável.
Caso contrário, eu concordaria com o Dr. Sivalingam que as Notas são um relato interessante do que aconteceu no nível de formulação de políticas do governo de Mahatir durante a Crise Financeira Asiática de 1997-1998. Todos nós podemos aprender lendo as Notas. Mas certamente não é a última palavra sobre o assunto. Din Merican.
Dois pontos destacam-se na crise asiática:
1. O conselho para a Malásia para aumentar as taxas de juros. Este foi um clássico & ndash; faça como eu digo, não faça o que eu faço & # 8221; exemplo de saída de instituições estrangeiras.
2. A verdadeira razão subjacente para suavizar a economia da Malásia & # 8211; a aquisição por atacado de seu aparato fundamentalmente funcional. Que os japoneses viram isso foi um crédito para eles.
A proteção da soberania é um direito de qualquer governo (como os gregos estão descobrindo depois de entregar a deles) e os controles de capital fizeram com que nosso país ficasse machucado, mas basicamente intacto.
O resultado foi: Malásia ONE & # 8211; FMI / BANCO MUNDIAL ZERO.
Sábado 20 de agosto de 2011.
Controles de capital: da heresia à ortodoxia.
Por ANDREW SHENG.
Em 1 de setembro de 2011, seriam 13 anos para o dia em que a Malásia introduziu pela primeira vez controles de capital para conter os efeitos da crise financeira asiática sobre a economia doméstica. Em 1998, era heresia introduzir controles de capital nos fluxos de capital, já que era a ortodoxia do Fundo Monetário Internacional (FMI) para liberalizar a conta de capital.
Do ponto de vista da história, tende-se a esquecer que, em 1945, quando o FMI foi estabelecido pela primeira vez, a opinião consensual entre banqueiros e acadêmicos era de que o hot money fosse controlado. De fato, o pai intelectual do FMI, John Maynard Keynes, observou que “o que costumava ser heresia agora é endossado como ortodoxia”.
Antigamente, a cortesia de pessoas vivas e o estatuto de limitações permitiriam que a história fosse escrita somente depois de 60 anos, quando os arquivos oficiais fossem abertos ao público.
Hoje, vivemos em uma era de informações irrestritas, quando a história oral e documentada pode ser publicada rapidamente, a partir de biografias autorizadas emitidas logo após um líder deixar o cargo para vazamentos não autorizados do Wikileaks.
A publicação de um novo livro de Datuk Wong Sulong, ex-chefe de redação do The Star, intitulou Notes to the First Minister: The Untold Story of How Malaysia Beat the Currency Speculators, apenas dois meses após o FMI anunciar em abril de 2011 um novo pensamento sobre entradas de capital, é uma conquista notável.
Sessenta e seis anos após a formação do FMI, os controles de capital mudaram completamente da ortodoxia para a heresia e de volta para a ortodoxia (qualificada).
O livro é composto por 45 Notas escritas por Tan Sri Nor Mohamed Yakcop, Ministro do Departamento do Primeiro Ministro, entre 3 de outubro de 1997 e 21 de agosto de 1998 para o então Primeiro Ministro Tun Dr Mahathir Mohamad.
Em suma, foram os informes-chave que ajudaram o Dr. Mahathir a tomar uma decisão sobre as principais políticas econômicas para ajudar a combater a crise financeira asiática.
Livro oferece insights profundos.
Para ambos os historiadores e praticantes de políticas, este novo livro oferece insights profundos sobre a serendipidade ea prática de tomada de decisão política bem sucedida. Há um elemento de serendipidade, porque o Dr. Mahathir lembrou que viu Nor Mohamed andando por uma rua em Kuala Lumpur pouco antes de partir para Buenos Aires em setembro de 1997 via Hong Kong, onde participou das Reuniões Anuais do Banco Mundial e se confrontou publicamente com George. Soros na troca de moeda.
Em 29 de setembro de 1997, ele convocou Nor Mohamed para encontrá-lo em Buenos Aires, porque ele precisava de alguém que entendesse o comércio de moedas. É uma homenagem a um político formado como médico que ele estava disposto a passar sessões repetidas com um comerciante de moeda experiente para entender as complexidades dos mercados financeiros modernos.
Lendo as 45 Notas em sequência histórica, obtém-se uma apreciação muito melhor de como chegou a decisão de impor controles de capital. As notas não só têm valor histórico, mas também a aplicabilidade atual, já que explicam não apenas a moeda offshore, a psicologia do medo e da ganância que impulsionam os mercados, mas também a manipulação do mercado em moedas de mercados emergentes pouco negociadas.
O principal problema dos proponentes do Consenso de Washington em 1997 era que a maioria deles era macroeconomista que tinha pouca compreensão ou experiência de como os mercados realmente funcionavam. Os mercados livres tornaram-se dogmas e objetivos em si mesmos, e não os meios para um fim de melhor sustento para todos.
As Notas também revelaram que, em decisões complexas sob incerteza, era vital entender claramente os principais parâmetros de ação. A nota 7 apontou claramente que a Malásia era diferente de outros países sob ataque cambial porque não tinha grande dívida externa de curto prazo. A nota 11, datada de 21 de outubro de 1997, detalhava os fatores que determinavam as taxas de câmbio, com uma explicação particularmente esclarecedora da manipulação do mercado.
A manipulação do mercado foi vista como devida ao esforço conjunto dos fundos de hedge, usando grandes alavancas e ferramentas disponíveis e, em seguida, acionando o elemento de medo entre os investidores de longo prazo que possuem risco cambial legítimo.
Em outras palavras, se os lobos podem acionar o rebanho para se mover, então os fundamentos podem se mover. A percepção do medo muda todo o jogo.
A nota 39 datada de 9 de julho de 1998 é um estudo importante do efeito sobre a Malásia do livro de ordens de limite central (CLOB) para a negociação de ações da Malásia em Cingapura. A Nota identificou que o CLOB era uma maneira conveniente para saídas de capital.
Assim, uma das formas mais eficazes de controle cambial era impor a condição de que as ações da Malásia só pudessem ser negociadas em uma bolsa malaia, que ocorreu em 31 de agosto de 1998, com controles cambiais impostos no dia seguinte.
Nas palavras do Dr. Mahathir, “durante a crise financeira, enfrentamos duas situações paralelas; o ringgit estava caindo rapidamente e as ações da Malásia também estavam caindo rapidamente. Então tivemos que acabar com os dois.
O FMI divulgou seis princípios fundamentais para a formulação de políticas de controle de capital.
A primeira é que não existe uma combinação de políticas de “tamanho único”. A segunda é que os controles de capital devem se adequar às reformas estruturais de longo prazo. Terceiro, os controles de capital são apenas uma ferramenta e não um substituto para as macro políticas certas. Quarto, os controles de capital podem ser usados ​​caso a caso, em circunstâncias apropriadas. Em quinto lugar, o medicamento deve tratar a doença e, finalmente, a política deve considerar seu efeito em outros participantes do mercado.
É difícil argumentar contra esses princípios da “maternidade” do senso comum. O truque na elaboração de políticas na vida real é como aplicá-las às condições locais.
Uma das características dos atuais controles de capitais chineses é que a China também possui uma grande quantidade de ações chinesas listadas fora dos controles de capital, como as ações chinesas listadas em Hong Kong, Cingapura e Nova York.
Este é um livro que é leitura obrigatória para todos os formuladores de políticas de mercados emergentes interessados ​​em liberalizar suas contas de capital e para que especialistas do FMI considerem a experiência de mercados emergentes.
Eu recomendo que este novo livro seja traduzido para o chinês, para que os políticos chineses interessados ​​em internacionalizar o renminbi possam olhar para a experiência malaia.
Tan Sri Andrew Sheng é autor do livro, Da Ásia à Crise Financeira Global.
Al-Alim, sim, eu o conheço. Ele deve comentar desde Dato & # 8217; Din mencionou seu nome. Eu gosto de saber o que ele pensa sobre esse assunto. Domingo e puasa tempo, ele ainda poderia estar dormindo.
Andrew Sheng, não exagere. Como respeitado ex-funcionário do Banco Negara e do Banco Mundial, você deveria ser mais crítico. Infelizmente, você tende a jogar política hoje em dia. Ontem, foi Badawi, agora Najib, o que vem a seguir?
De: Robert Chan.
Enviado: seg, 6 de junho de 2011 20:32:47 PM.
Assunto: Fw: Re & # 8211; História não contada do Forex Exchange & # 8211; Livro lançado.
De: Robert Chan.
Enviada: Sex, 3 de junho de 2011 13:04:11.
Assunto: Re & # 8211; História não contada do Forex Exchange & # 8211; Minha análise
Caro Thean Lee Cheng,
Mahathir foi responsável pela Crise Financeira de 1997-8.
Em 1995, o Banco Mundial, o FMI e os economistas alertaram Mahathir Mohammad, o primeiro-ministro que se a Malásia não administrasse sua economia e finanças adequadamente, teria o mesmo destino que o México, cujo peso despencou muito seriamente. Em vez de descobrir por que e como evitar a situação, Mahathir imediatamente refutou & amp; repreendeu-os, dizendo que eles estavam com ciúmes do desenvolvimento da Malásia & amp; economia e eles estavam tentando nos envergonhar.
Em 1997, quando a Crise Financeira caiu sobre nós, ficamos todos chocados. Mahathir não sabia o que nos atingiu & amp; portanto, não sabia o que fazer. Mahathir & amp; Seus ministros ficaram confusos com as várias declarações que fizeram. Quando o secretário do Tesouro dos EUA, Robert Rubin, chegou, seu conselho foi solicitado. Robert perguntou Daim & amp; Mahathir para reduzir a taxa de juros.
Daim é apenas um advogado e empresário. Ele não é um grande economista. IF Mahathir & amp; Daim afirmam que eles são especialistas em Economia & amp; Finanças, eu gostaria de dar-lhes um teste em Economic & amp; Finanças & # 8211; Teoria e Viva.
O professor Paul Krugman escreveu uma carta aberta a Mahathir para pedir-lhe que implementasse o Controle Cambial. Finalmente, o valor da moeda da Malásia RM caiu mais de 50% de RM2.50 para RM3.80 para USD. Mahathir NÃO é um economista e nunca havia enfrentado esse tipo de crise financeira antes. Portanto, Mahathir não conhecia a solução. Ele seguiu o conselho.
Rumores em KL disseram que Nor Mohamed Yaacop foi responsável pela perda de US $ 10 bilhões em câmbio. Pergunte aos banqueiros e amp; seus colegas de classe na Universidade da Malásia. Os malaios ficaram mais pobres em mais de 50% porque o primeiro-ministro idiota Mahathir era teimoso. Então, o que há de tão grande em Mahathir?
Quando eu estava na Grã-Bretanha houve um debate em que o ganhador do Prêmio Nobel Milton Friedman, Margaret Thatcher PM britânica etc participou da Economia da Grã-Bretanha.
Milton Friedman & amp; Margaret Thatcher disse: "Você não pode gastar dinheiro que não ganhou". # 8221;
Até uma dona de casa normal sabe disso. Ela vai executar no orçamento. Uma dona de casa recebe uma certa quantia de dinheiro por mês pelo marido para administrar a família & amp; casa.
Se ela gastar demais, terá um grande & amp; enroscando & amp; repreendendo de seu marido.
Na maioria das vezes, a dona de casa gastará menos do que o que foi dado para ter algum dinheiro para os dias chuvosos. Uma dona de casa normal pode administrar melhor a economia do que o primeiro-ministro Mahathir.
Mahathir, o primeiro-ministro, teve déficits em conta corrente por vários anos com poucas reservas. Isso convidou ataques à moeda. Mahathir aparentemente gastou RM10 bilhões para apoiar o ringgit, mas falhou. Mahathir culpou a todos, exceto a si mesmo. Mahathir teve que encontrar um bode expiatório & amp; ele apontou o dedo para George Soros. Mahathir é bom para encontrar bodes expiatórios.
Quando a Malásia estava no meio desta crise financeira de 1997-8, ele liderou uma enorme delegação à Argentina. PELO QUE. Ele deveria ter ficado em casa para aprender sobre a crise, suas causas & amp; seus remédios. Mas ele não se importou.
Se um PM japonês fizesse isso, ele seria solicitado ou forçado a renunciar. Mahathir NÃO tratou as pessoas com respeito. Sua atitude é como: "O que você pode fazer? Eu sou o primeiro ministro Eu tenho poder. & # 8221; Após a aposentadoria, ele admitiu que a Crise Financeira de 1997-8 foi a maior dor de cabeça que ele já teve como PM.
Quando fui à Argentina em férias, alguns argentinos disseram que nosso primeiro-ministro & amp; Ministros e empresários haviam comprado propriedades na Argentina. Isso é verdade. É essa a razão pela qual Mahatir (após a aposentadoria) voar em jacto privado & # 8221; para a Argentina. Cujo jato particular era isso.
Mahathir é um arrogante & amp; pessoa teimosa. Mahathir construiu a meia ponte de Johor sem primeiro conseguir que Cingapura concordasse. assinar o acordo. Agora a meia ponte está apodrecendo ao sol. Mahathir desperdiçou RM350 milhões do dinheiro dos povos. Mas ele não se importa. Ele sempre disse que não se importava.
Veja como ele é teimoso e idiota. Mahathir é um primeiro-ministro irresponsável. # # # Os RM350 milhões poderiam ser usados ​​para construir 3500 casas para os pobres malaios. Essas casas podem acomodar cerca de 18.000 pessoas. São Arquitetos & amp; Os engenheiros ensinaram nas universidades como construir meias pontes tortas.
Eu não acho que está em seu currículo. Eu acho que é antiético para arquitetos engenheiros construir pontes HALF. Quem fez o dinheiro da construção da meia ponte.
Mahathir não tem respeito pelo povo da Malásia. Sua atitude é terrível.
& # 8220; Eu posso gastar seus povos & # 8217; dinheiro do jeito que eu quiser. O que você pode fazer sobre isso? Eu sou o primeiro-ministro. Eu tenho poder. & # 8221;
Mahathir construiu o Centro de Convenções de RM600 milhões em Putrajaya para a reunião da OIC. Agora é dificilmente usado. Mahathir simplesmente não se importa. Por que Mahathir não usa o KLCC Convention Hall ou o PWTC Halls ou outros grandes salões em KL?
Mahathir é o pior primeiro-ministro que já tivemos. Obrigado.
Se o trabalho de Tun Daim Zainuddin e sua equipe no NEAC, que incluiu pessoas como Mustapha Mohamad, Sulaiman Mahboob e Mahani Zainal Abidin, entre outros, foi ignorado, então esta não é uma história completa sobre a recuperação em forma de v na Malásia. 1999. O NEAC divulgou um roteiro de recuperação que foi implementado com um senso de urgência e que salvou o dia para a Malásia. Os controles de capital só pararam a corrida no ringgit.
O economista Al Alim e nosso bloghost trabalharam à margem com Tun Daim e Professor Jomo na Universidade da Malásia na época. Eles falaram sobre o modelo chileno e escreveram para Tun Daim sobre isso em março de 1998. Por que foi implementado / introduzido em setembro de 1998? Eles provavelmente não conseguiram convencer o primeiro-ministro da época.
Não acha que poderíamos ter poupado mais (6 meses é muito tempo) e esperar que o TDM identificasse uma vez um funcionário do banco central, Nor Mohamed andando por uma rua em Kuala Lumpur (?) Para lhe ensinar sobre moeda e troca de moeda? Eu acho que este livro é tão bom quanto & # 8221; Doutor na casa & # 8221; ! Aqui está o homem que fazia parte da equipe do Bank Negara, que sofreu enormes perdas cambiais apostando na Libra Esterlina em 1992. Essa perda quase levou à falência o Bank Negara, forçando o governo a garantir que ficaria ao lado do Banco. Tudo isso é esquecido.
Nem Mohamed era um funcionário do Banco Central?
Eu não tenho lido o & # 8220; Nota & # 8221; de Nor Mohamed ainda assim eu não posso comentar sobre isso ainda. Sim, conheço bem Al Alim e sabia que ele estava muito próximo de Din naqueles dias. Eu também estou ciente de que ele colaborou com din para enviar uma série de cartas não apenas para a TDZ, mas para pessoas como os oficiais superiores do Tesouro, incluindo Suleiman Mahboob, Tan Sri Clifford Herbert e Mustafa Mohamad que era e ainda é próximo da TDZ.
Os controles de capital eram necessários e ajudavam a conter o fluxo de saída (o que restava) do capital nacional e estrangeiro. O que muitas pessoas podem não saber é que muitos dos especuladores de moeda eram e são banqueiros malaios, além de gente como Soros e seus associados do Hedge Fund. Eles são pelo menos honestos e admitem que são especuladores. Mas os parceiros bancários do TDM nunca serão.
É bastante ingênuo argumentar que as Reservas Nacionais devem ser mantidas com bancos locais em Labuan. Labuan então estava em sua infância e para manter qualquer quantidade de reservas, teria sido imprudente. É um fato bem conhecido da economia que você precisa manter reservas suficientes das principais moedas, já que a maior parte do comércio é conduzida em tais moedas.
A moeda e a manipulação do mercado internacional são bem conhecidas por Nor Mohamed, já que temos as perdas históricas no BNM para provar isso, o que aconteceu com o conhecimento da TDM! A TDM tentou uma vez controlar o comércio internacional de estanho, onde ele falhou miseravelmente e a EPF perdeu muito dinheiro! Assim, não houve nenhuma coincidência na reunião, como Andrew Sheng aponta. O TDM simplesmente se lembrou de um de seus especuladores em moeda local para aconselhá-lo a conter a especulação. Creio que, como me disseram Din e Alim, até a questão do CLOB foi apontada como um enorme vazamento de capital que precisa ser fechado.
Eu li as anotações. Foi um tutorial para o primeiro-ministro, não um tratado que tanto Sivalingam quanto Andrew Sheng teriam. Não há necessidade de lê-lo. Eu apenas passei por ele no MPH Mid-Valley há alguns meses. Eu não pensei muito nisso. Não há nada no mercado de câmbio que eu não conheça.
Você está obviamente no comando dos fatos sobre a crise financeira asiática de 1997 (julho) e 1998, que começou como um ataque à moeda tailandesa. O contágio espalhou-se rapidamente para a Malásia e a Indonésia, afetando o Ringgit e a Rupia indonésia e as bolsas de valores em Kuala Lumpur e em Djakarta. Consequentemente, os valores overnight de ações e ações e propriedades foram eliminados num piscar de olhos.
Lembro-me de discutir com Al-Alim e Jomo sobre como podemos carimbar as saídas maciças de capital de carteira e estabilizar a taxa de câmbio do Ringgit. Foi Jomo quem sugeriu a Al Alim e eu que deveríamos olhar para o modelo chileno. Isso foi em março de 1998.
Demorou muito tempo até a Malásia decidir impor controles seletivos e fechar a janela no Clob. Naquela época, como argumentado por Jomo, muito dinheiro já havia deixado as nossas costas. Sim, os controles de capital pararam as saídas de capital do portfólio, mas foi um pouco tarde demais, já que o frango havia deixado o galinheiro. O impacto de nossos controles de capital foi mais psicológico.
Portanto, eu diria que os controles de capital não trouxeram a recuperação em V da economia malaia, como apontado por eiz. Foi uma série de medidas keynesianas como as introduzidas por Daim e sua equipe do NEAC sob o plano de recuperação com o endosso do primeiro-ministro que tornou possível a recuperação.
Danaharta foi inspirado pela Resolution Trust Corporation da FDR. O Danamodal foi criado para recapitalizar os bancos e a fusão dos bancos começou depois disso. Noh Mohamad não foi o arquiteto da recuperação. Eu diria que Daim e sua equipe NEAC devem receber o devido crédito pela nossa recuperação econômica em 1999. Din Merican.
A crise financeira asiática ensinou as pequenas economias, como a Malásia, sobre o perigo de depender de fundos estrangeiros para seu desenvolvimento econômico. Os investidores ou credores majoritariamente ocidentais levantaram voo ao primeiro sinal de problemas, mas esse não era o único sinal. levantou vôo porque as condições naquele momento validaram sua suspeita, que eu acredito raízes após a publicação do Milagre do Leste Asiático。
O estudo do Milagre da Ásia Oriental do Banco Mundial foi financiado pelo MITI do Japão. Din Merican.
Se você conhece Sivalingam tão bem quanto eu, então você saberá que ele é um idiota. E se esse babaca acha que este livro é o melhor que ele leu sobre a economia da Malásia, então ele está tentando carregar as bolas de alguém ou tentando dar a seu próprio irmão (outro idiota) um boquete.
E quanto a Nor Mohamad, ele era um office boy no banco negara. E como todos os garotos de escritório que estão no grande momento agora, tudo o que ele faz quando os orçamentos são apresentados pelos servidores públicos é pedir que o orçamento seja duplicado. E eu acho, todos nós sabemos onde vai o orçamento adicional. Basta perguntar sobre o espaço no SKYPARK no aeroporto subang e também no KLIA. Pergunte quem está controlando o espaço?
E estas são as pessoas que o autor deste livro e sivalingam querem apoiar? Eles não são melhores do que Mahathir ou irmão de sivalingam.
Eu concordo com você que no momento em que os controles de capital foram introduzidos, não havia capital para controlar. Sim, foram as políticas, estratégias e programas que a TDZ e o NEAC meticulosamente realizaram que realmente salvaram o dia, como você colocou bem. A maioria dos historiadores econômicos está ciente disso.
Tun M é um animal político, certamente não um gênio econômico. Eu acredito que ele impôs controles de capital por uma razão e uma única razão.
Ele estava prestes a demitir seu ministro da Fazenda (que naquela época era visto favoravelmente pelo FMI, Banco Mundial e especuladores monetários) e tinha que se certificar de que a RM estava isolada das conseqüências resultantes.
Ele estaria com as mãos ocupadas lutando contra a DSAI e não poderia permitir a retomada da turbulência no mercado financeiro interno que uma RM imensa causaria.
Se a memória me servir corretamente, o RM atingiu seu menor valor em janeiro de 98. Nos meses subseqüentes, ele se fortaleceu de RM4.40 para cerca de RM3.70.
Começou a cair novamente quando os rumores de que o DSAI seria deixado de lado começaram a circular em maio. O RM havia voltado a cerca de RM4.20 apenas alguns dias antes de os controles de capital serem instituídos e a DSAi ser demitida no dia seguinte.
& Ldquo; A crise financeira asiática ensinou pequenas economias como a Malásia sobre o perigo de depender de fundos estrangeiros para & ldquo; desenvolvimento econômico & # 8221; TLK.
E a segunda lição que deveria ter sido aprendida até agora é que quando os estrangeiros dão conselhos sobre finanças, desenvolvimento, etc., escutam, mas fazem exatamente o contrário. Dessa forma, você saberá que está no caminho certo.
A globalização da economia como a conhecíamos está em seus estágios finais e não um dia cedo demais. Quanto mais cedo o nosso país aprender a se defender, melhor. O grupo PIIGS está aprendendo isso da maneira mais difícil.
Antes do “Milagre Econômico do Leste Asiático”, havia “Os Quatro Pequenos Dragões: A Propagação da Industrialização no Leste Asiático” # 8217; por Erza Vogel, do qual a palavra & # 8220; Little & # 8221; seria enfatizado em breve. Certamente, aqueles que lêem o Milagre Econômico do Leste Asiático & # 8217; Teria também lido "Os Quatro Pequenos Dragões: A Propagação da Industrialização no Leste Asiático" # 8217; também. Portanto, não é ridículo interpretar que "Milagre Econômico do Leste Asiático" foi de alguma forma inspirado em "Os Quatro Pequenos Dragões". . . & # 8216 ;.
Muitos políticos regionais ficaram maravilhados com a ideia de seus países serem milagres. Pouco que eles percebessem que poderia ser uma calúnia sucinta. Pior ainda foi ter uma sensação de segurança que aumentou seu senso de infalibilidade.
Eu estou dizendo que pode ser uma calúnia sucinta porque, de acordo com os modelos de crescimento econômico ocidentais, era impossível ter esse tipo de crescimento senario & # 8211; check out any economic text books before 1997. It could have been taken as a friendly reminder [warning] but instead, most governments in East Asia and Southeast Asia took it that their governing styles, as strongly cited by ‘East Asian Economic Miracle’, were reponsible for that marvellous ‘miracles’.
If I were a foreign fund manager or banker putting my funds in East Asia and Southeast Asia would be a relatively risky prospect, because the economies, though growing, had broken all conventional wisdom and economic theories. I would put my funds on a short leash, with high liquidity and quick exit strategy. Nothing develish about that, just business. That explains the speculation in the stock markets and the lending of short-term loans to East Asian and Southeast Asian banks.
What was the real objective of ‘East Asian Economic Miracle’? It merely showed that small [little] and individualistic, self-serving ‘democratic’ countries in East Asia were very successful during that period, and naturally the young governments were supposedly responsible. It could also be used to show that only small countries in East Asia could be successful. Therefore all should remain small, for this was the prescription of the model. Of course, I may be accused of speculating without concrete facts.
But being small had its dangers, and definitely not beautiful, especially when dealing with the giants of the developed countries like the United States which at the time has the volume of money to bury and wreck economies. Just look at the former Soviet Union, that was reportedly lured into the so-called STAR WARS rivlary with the United States. Soviet Union was the largest country, what chance did the little East Asian dragon have?
These small countries lacked resources and productivity to continue growing, except to go on speculative ventures like real estate, and stock market speculation with foreign funds. It used to be the automobile industry that could quickly stimulate an economy, but East Asian and Southeast Asian countries included home-grown real estate (property) investments too in the big haste for growth. Here, again I speculate that the bubble of the stock markets and loose monetary controls were responsible to for the bubble in the property market. By the looks of it, the phemomenon of the Asian Financial Crisis is very possibly the complete reversal of the American Financial Crisis.
The major funds and capital markets were in the hands of the developed countries even though the origination, though not entirely, may be from East Asia. It was quite ironic, the East Asians relegated the investment of the funds into their hands, and therefore, gullible East Asians and Southeast Asians did not have much say in the management of their own funds because there was not many organized markets for the region.
All the East Asian and Southeast Asian were rich, but they did not have a combined regional specific fund, because they simply were red eyed at each other.
The reliance of the economic growth of the developed world on East Asia [at that time, China was very much in the grey area] was infinitesimal. This condition was further strenghtened by their high forex rates. Therefore, letting go rendered no much shock, unlike the reverse which saw many countries in East and Southeast Asia went into financial coma. They had nothing much to lose, but we in East and Southeast Asia had everyting to lose.
There were so much one-upmanship shows to attract the attention of the developed countries. Nothing much was cared for the neighbouring countries. One country was even declaring being number one for airport, port, and so on. Others were constructing inconic monuments and buildings. If these were not signs of hugging to the succour of the developed nations, I do not know what was. But the leaders being politicans just could not help themselves.
The book by Tan Sri Nor Mohammed Yakcop, I believe is a splendid revelation on how Malaysia averted or escaped from the Asian Financial Crisis.
Not to be defamatory, is it a show of heroism, individualism and maybe this is a subtle form or substitute of waving the ‘keris’? I certainly hope this book does not imply that Malaysia still thinks it can solve its problems on its own without international co-operation. That was the individualistic bravado mentality that got the East Asian and Southeast Asian countries into the Asian Financial Crisis in the first place. Are the East Asian and Southeast Asian countries still have red eyes at each other?
However, this does not mean that the people mentioned in the book did not do a good job. De modo nenhum. We all know that doctors love to cure. That is what they are usually good for. Does the book tell about the regionally integrated preventive measures taken by the doctor and his successors? If yes, how are they progressing?
‘Notes to the Prime Minister’ is good for undergraduate management case study. In studying management, there are no right and wrong to the questions as we need to know diverse factors at play at the times, like the financial engineering, economic political issues, etc, etc.
I was going to say that this is the worse excuse of a book review I’ve ever seen, but I see others have pointed out the flaws in Sivalingam’s article.
Fact: The major currency speculators against the Ringgit in 1997 (pace Soros) were Malaysian and Singaporean banks (I was working for one of our local banks at the time, and I remember most made a bumper profit in Treasury income in 1997).
Fact: In the two years running up to the crisis, money supply growth was in the high 20 percentile, loan growth for some of our local banks reached near 30% per annum. A lot of it unfortunately was crap (pardon my language, I was involved in the cleanup).
Fact: BNM ceased sterilising capital inflows in late 1995 (IIRC), triggering the explosion in money supply growth.
Fact: Investment was high in 1995-1997 – but mainly in fixed assets i. e. property, particularly condos and commercial office space. If people think that we have a property bubble now, memories are way too short. We’ve only just lately overcome the commercial property glut from those days.
Fact: For most of the 1990s, unlike the past ten years, and unlike the decade before, Malaysia ran a current account deficit.
Fact: At the point in time that capital controls were imposed, the Ringgit had already strengthened by around 15%.
Take the last two points together – China devalued the Yuan/Renminbi by a third at the end of 1993. That single event made most of East Asia uncompetitive at a stroke. The currency attacks on the THB, MYR, KRW and IDR brought them back in line with their pre-devaluation levels against the CNY. Coincidência? Não pense assim. Btu the lesson was learned – BNM unpegged the MYR against the USD in 2005, on the same day China unpegged the Yuan. Coincidência? Não pense assim.
Implication: At the point the Ringgit was fixed against the USD in Sept 1998 (I remember the day vividly), it had already settled around its long term equilibrium value. Not only did capital controls fail to prevent capital outflow, they were also imposed at a point in time where speculation was already dying away. Worse, the appreciation of the USD four years later made Malaysia’s exports – again – uncompetitive, and has led to the slow decay of our electronics exports (and complete death of our electrical exports).
Take it all together – far from being solid, Malaysia’s economic fundamentals pre-crisis stank. Uncompetitive in trade, suffering from a property bubble, excessive credit growth and low credit standards – can you say overheating?
The Asian financial crisis, far from being caused by manipulative and greedy speculators, was the culmination of policy mistakes and missteps. The proper time, if any, to put in capital controls (especially those on the lines of the Chilean model) would have been in 1994/5 not in 1997/8. The currency speculators were rational – many of the East Asian currencies in early 1997 were the equivalent of a can’t lose, one way bet.
Note that the current IMF/World Bank support for capital controls is only for capital inflows, not outflows.
The Asian financial crisis, far from being caused by manipulative and greedy speculators, was the culmination of policy mistakes and missteps - hishamh ,
True, the crisis was caused by mismanagement by the governments.
The crisis happened two years before I did a dissertation for my masters: “Beyond Currency Rates as Competitive Advantage a Model for Predicting the Unpredictable” when I was with the private sector.
In fact, the private sector has better knowledge than public sector. That is why Tan Sri Nor Mohamed Yakcop who worked for Mun Loong Bhd was summoned by Dr Mahathir to meet him in Buenos Aires, Argentina, on Oct 2, 1997. The first set of those notes was written a day later, on Oct 3.
Extremely helpful cheers, I’m sure your current visitors may want even more information of this nature keep up the great effort.

Mustafa centre singapore forex

Organizers of the Tripoli International Fair, through the Libyan embassy in London representing the internationally recognized Faiez Serraj-led Presidency Council and its Government of National Accord, have invited British companies to attend and participate in this year’s event.
For further details contact:
Tripoli International Fair,
Omar El Mokhtar street,
Tripoli – Libya.
Tel. Fax: +218 21335511/9.
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Oil & Gas News.
SINGAPORE (Reuters) - Oil prices fell on Wednesday, weighed down by a rebound in the U. S. dollar from three-year lows hit last week and an expected rise in U. S. oil production.
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Business News.
Ibtikar, the first Libyan social innovation competition specifically for women was held for three days between 13th-15th February in Tripoli.
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Harouge Oil Operations, a joint operating company on behalf of National Oil Operation, Libya and Suncor Oil (North Africa) GmbH, announces an invitation to participate in tender No (4/2018) for national Companies and foreign registered companies which have the required Legal and valid License documents.
Amal power gen control system upgrade which include the followings: cover engineering, detail design, supply of materials and equipment, installation, testing, commissioning, training of HOO personnel and (1) year warranty services. Complete replacement of existing control system for the gas turbine GT1 and GT2 with DCS control system. Upgrade of existing ABB master family control system of the gas turbine GT3. Engineering and implementation of GT3 balance of power plant control system upgrade. Replacement of specific field equipment like the control valve transmitters, igniters, vibration monitoring, flame detection, DC power supplies, UPS (AC) power supplies, and supply spare parts for (2) years.
To all National Companies that are specialized in this field, and foreign companies which are specialized and registered in Libya, and wish to participate in this tender who are technically capable to executing this tender, should send an approved representative to collect the tender package.
Note that the date for collection of the tender package commences on Monday 05/03/2018 until Thursday 07/03/2018 from (9:30) am to (11:30) am.
The Collection of the package is from Tender Committee office, 6th floor at the company head office in Tripoli. The package will be issued according to the following criteria:
All companies that wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to:
Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter. Provide a copy of the following legal documents : Valid license compatible with the required work. Commercial Registration Certificate of Registration in Chamber of Commerce. Payment of tax certificate Article of association. Previous experience in similar work. Paying value of ( 2000 L. D) Two thousand Libyan dinars cash or by a certified check which is nonrefundable, issued by a Libyan bank in favor of Harouge Oil Operations.
In case of no queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder. Bid bond with a value of (25,000.00LD) Twenty Five Thousand Libyan Dinars submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations or by bank guarantee letter available for (6) months from the date of submitting the offer, and shall be issued by one of the worldwide first class banks in favor of Harouge Oil Operations.
Notes: Any company or contractor interested in participating in this tender is responsible for all costs involved.
If you have any questions please contact the Tender Committee via:
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Business News.
Over 1,000 Friesian bulls will be exported to Libya next week under a contract arranged by Supreme Livestock – a Co. Louth based exporter.
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Oil & Gas News.
SINGAPORE (Reuters) - Oil prices rose more than 1 percent on Thursday to extend gains from the previous session, lifted by a weak dollar and Saudi comments that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production.
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Harouge Oil Operations, a joint operating company on behalf of National Oil Operation, Libya and Suncor Oil (North Africa) GmbH, announces an invitation to participate in tender No (3/2018) for Companies which have the required Legal and valid License documents.
Supply of (4) no. shelters for Amal warehouse as following: 2no. shelters for chemical material used at field. 2no. shelters for storing drilling material. The appendices and specification attached to this contract and specified by reference show complete details of the work to be carried out under this contract. The said appendices, schedule, exhibits and designs shall constitute an integral part of the complete contract.
To all National Companies that are specialized in this field, and foreign companies which are specialized and registered in Libya. And wish to participate in this tenders who are technically capable to executing this tender, should send an approved representative to collect the tender package.
Note that the date for collection of the tender package commences on Monday 05/03/2018 until Wednesday 07/03/2018 from (9:30) am to (11:30) am.
The Collection of the package is from Tender Committee office, 6th floor at the company head office in Tripoli. The package will be issued according to the following criteria:
All companies that wish to participate in this tender should send Official letter before the date of collecting the ITT package addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to: tender. sec-committee@harouge Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter. Provide a copy of the following legal documents : Valid license compatible with the required work. Commercial Registration Certificate of Registration in Chamber of Commerce. Payment of tax certificate Article of association. Previous experience in similar work. Paying value of ( 500 LD) (five hundred Libyan dinars) cash or by a certified check which is nonrefundable, issued by a Libyan bank in favor of Harouge Oil Operations. In case of no queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.
Bid bond with a value of ( 6 ,000LD) (six thousands Libyan Dinars) submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations or by bank guarantee letter available for (6) months from the date of submitting the offer, and shall be issued by one of the worldwide first class banks in favor of Harouge Oil Operations.
Notes: Any company or contractor interested in participating in this tender is responsible for all costs involved.
If you have any questions please contact the Tender Committee via:
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We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.
Business News.
Harouge Oil Operations, a joint operating company on behalf of National Oil Operation, Libya and Suncor Oil (North Africa) GmbH, announces an invitation to participate in tender No (2/2018) for Companies which have the required Legal and valid License documents.
Brief Description Of The Project:
2.General Description of the Work.
& amp; middot; CONTRACTOR is required to perform all assigned work, inspection, repair and maintenance and return the tank to service in a safe, according to the API 575 and API 653.
The scope of work is to fully detail all requirements for tank repair, inspection, engineering design, procurement, fabrication, erection and testing works as instructed by COMPANY and in accordance with the project drawings and specifications attached with the tender for the repair and PM of tank no. 5,comprising a 500,000 US bbl floating roof tank.
To all National Companies that are specialized in this field, and foreign companies which are specialized and registered in Libya , and wish to participate in this tenders who are technically capable to executing this tender, should send an approved representative to collect the tender package.
Note that the date for collection of the tender package commences on Monday 05 / 03 /2018 until Wednesday 07 / 03 /2018 from (9:30) am to (11:30)am.
The Collection of the package is from Tender Committee office, 6th floor at the company head office in Tripoli. The package will be issued according to the following criteria:
1. Send Official letter before the date of collecting the ITT package addressed to HOO Company’s Chairman of Tender Committee confirming the desire to participate in this Tender, via email to.
2. Fill the attached copy of consultant information form and make sure that your contact details are correct and current and send it with the participation letter.
3. Provide a copy of the following legal documents :
·Valid license compatible with the required work.
·Certificate of Registration in Chamber of Commerce.
·Payment of tax certificate.
& amp; middot; Previous experience in similar work.
4. Paying value of (2500 LD) Two Thousand and Five Hundred Libyan dinars cash or by a certified check which is nonrefundable, issued by a Libyan bank in favor of Harouge Oil Operations.
5. In case of no queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specifications bid package, found it clear from both technical & commercial aspects, therefore in case of any shortages and/or change of specifications from HOO original scope/specifications bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.
6. Bid bond with a value of (30,000) Thirty Thousand Libyan Dinars submitted with your offer in the form of a certified check in a separate envelope, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favor of Harouge Oil Operations or by bank guarantee letter available for (6) months from the date of submitting the offer, and shall be issued by one of the worldwide first class banks in favor of Harouge Oil Operations.
Notes: Any company or contractor interested in participating in this tender is responsible for all costs involved.
If you have any questions please contact the Tender Committee via:
Please log in to add a comment.
We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.
Oil & Gas News.
SINGAPORE (Reuters) - Oil prices rose by 1 percent on Monday, recovering at least some of last week’s steep losses as Asian stock markets found their footing after days of chaotic trading.
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We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.
Oil & Gas News.
Total production is close to 1 million barrels per day, according to one set of data, which would be a five-year high.
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We are direct providers of fresh cut bg, sblc, mtn, bonds and cds which we have specifically for lease. we do not have any broker chain in this offer or get involved in chauffer driven offers. you are at liberty to engage our leased instruments into trade programs as well as in other project(s) such as aviation, agriculture, petroleum, telecommunication, construction of dams, bridges and any other project(s) etc you can use these bank instruments for private placement platforms, commercial loan, business loans, credit lines and much more.
Oil & Gas News.
SINGAPORE (Reuters) - Oil prices eased on Thursday, taking Brent crude to a 2018 low, as soaring U. S. output undermined OPEC efforts to tighten markets, although a North Sea pipeline outage and record Chinese imports offered support.
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Somos especializados em Garantia Bancária, Carta de Crédito Standby, Notas de Médio Prazo, Minuta Bancária Confirmada, bem como outros instrumentos financeiros emitidos pelo banco AAA, como o HSBC Bank Hong Kong, o HSBC Bank London, o Deutsche Bank AG Frankfurt, o Barclays Bank, Standard Chartered. Banco e outros em locação com as menores taxas disponíveis, dependendo do valor nominal do instrumento necessário.
Business News.
(Lana) Governor of Central Bank of Libya, Al sadiq Al Kabier opened Saturday a workshop on economic and financial reform in Libya.
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Somos especializados em Garantia Bancária, Carta de Crédito Standby, Notas de Médio Prazo, Minuta Bancária Confirmada, bem como outros instrumentos financeiros emitidos pelo banco AAA, como o HSBC Bank Hong Kong, o HSBC Bank London, o Deutsche Bank AG Frankfurt, o Barclays Bank, Standard Chartered. Banco e outros em locação com as menores taxas disponíveis, dependendo do valor nominal do instrumento necessário.
Oil & Gas News.
TOKYO (Reuters) - Oil rose for a third day on Friday after a survey showed strong compliance with output cuts by OPEC and others including Russia, offsetting concerns about surging U. S. production.
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Business News.
SIRTE OIL COMPANY for Production, Manufacturing of Oil & Gas announces bidding of the following project:
Last day for bid submission.
Roof Replacement & Renovation of Facilities Maintenance Workshop:
The work shall include; Complete replacement of roof and sliding sheeting, Repair of tool room & wash room, and Modify conference room. (As per details mentioned in the scope of work).
We urge specialized companies that consider themselves qualified to execute the above-mentioned project, and wish to participate, to contact Secretariat of S. O.C Main Tenders Committee, at Marsa El-Brega to purchase tender document (s) at non-refundable indicated fees against the project, payment by Cash or certified cheque . The following documents are required:-
A copy of the Company’s Commercial Register (Valid). A copy of a valid License to Run Business. A copy of a valid certificate proving payment of tax. Financial position of the Company for the last three years. A Copy of the Authorization given by the Ministry for Economy and Trade to carry out Business in Libya (for Foreign Companies Only). A Prove of Ability & Experience to carry out the required work.
-Tender documents can be purchased weekdays (Sunday-Thursday) during working hours, (10:00 to 12:00 Libya Time) as from:
Sunday January 28 th , 2018 until Sunday February 11 th , 2018.
For any information or clarifications, please contact the following telephone numbers:
Direct phone & fax 00218- 064-7623113.
Or through telephone exchange 00218 61 2230216 - 25 ext. 22053 & 22054. Mobile 0925763652.
You can also visit SOC website ( sirteoil. ly ) and National Oil Corporation site.
-Bids must be in full compliance with the tender specifications and conditions provided with it. Any bids not in compliance will be ignored.
-Bids must be submitted in two separate well-sealed envelopes and stamped by the Company’s official stamp. The project title & project reference number must be written on both envelops.
The first envelop contains the Technical offer ( 1 Original + 2 Copies + One CD ) and the Un-priced Commercial Tender ( 1 Original ) The second envelope contains the Commercial offer ( 1 Original+ 1 copy ).
-A certified cheque (Bid Bond) issued by a known bank operating in Libya, worth (0.5%) of bid price must be also submitted in a separate sealed envelope . Bid offers not containing certified cheqes will be rejected. Cheques will be cancelled and returned to unsuccessful bidders, after award of the bid.
-Winner of the bid must submit a certified cheque worth 10% of contract price agreed to, as a final insurance, within 10 days of notification of contract award and will be returned to the contractor after one year of completing the project. The initial ( 0. 5%) cheque will be cancelled and returned to bidder.
-Bids MUST be delivered to the office of the Secretary of S. O.C Main Tenders Committee, at Marsa El-Brega.
-Companies interested in purchasing tender documents should present a letter authorizing their representative by name, to receive the document on behalf of the company, and copy of representative's passport including a copy of the entry stamp should be sent to SOC Main Tenders Committee 72 hours before arrival to Brega, in order to issue necessary Oilfield passes.
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We can deliver Financial service/instruments(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. We understand that finding the right company to provide financial instrument is not easy. We are certified financial company that delivers banking instrument for lease which we adhere to our terms and condition. Over 96% of our clients are satisfied with our work whether it is business or financial service.
Business News.
After pressure from the National Oil Corporation and the Office of Public Prosecutor, the municipality of Jikharra has decided to reopen oil fields in its area shut at the beginning of November 2017.
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We can deliver Financial service/instruments(BG/SBLC/MTN/DLC/LC) at affordable price to our customers in other to derive maximum utility. We understand that finding the right company to provide financial instrument is not easy. We are certified financial company that delivers banking instrument for lease which we adhere to our terms and condition. Over 96% of our clients are satisfied with our work whether it is business or financial service.
Business News.
Afriqiyah is seeking the return of its two A320-200s currently leased out to Lithuanian ACMI/charter specialist Small Planet Airlines, reports ch-aviation.
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We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives. If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.
Business News.
The first ever Libyan Robotic Championship was announced this weekend. Details are still sketch, but the event will involve Libyan participants building their own moving robots to compete for a championship prize.
The event is organized by Libyan NGO Hexa Connection.
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We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives. If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.
Oil & Gas News.
SINGAPORE (Reuters) - Oil prices reversed earlier falls on Friday as ongoing weakness in the U. S. dollar was seen supporting fuel consumption.
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We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives. If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.
Business News.
Libya was one of the most watched producing countries in 2017, as reviving production meant it was considered one of the countries most likely to undermine industry-wide efforts to tackle bloated inventory levels.
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We are broker firm in London-UK, we have direct Provider of BG/SBLC specifically for Lease and Purchase, The provider is tested and trusted. We have been dealing with the company for the past 6years. Interested Agent/Lessee should contact us for directives. If you have need for corporate loans, international project funding, etc. or if you have a client who requires funding for his project or business we have all available.
Business News.
Company announces the Harouge Oil Operationis joint operating company on behalf of National Oil operation Libya and Suncor Oil (North Africa) GmbH, Announces an invitation to participate in tender no. TS-C(02/2018) AConstruction of 1 no. Shade for Fire Fighting Vehicles at Amal.
For companies that have the required legal and valid documents.
Shade for fire fighting vehicles at Amal field.
AConstruction of 1 no. Shade for Fire Fighting Vehicles at Amal. Shade consists of reinforced concrete foundations & paving, steel columns, beams and trusses. Shade roof consists of sandwich panels 50 mm thickness with insulation foam between 2 steel sheets.
The appendices and specification attached to this contract and specified by reference show complete details of the work to be carried out under this contract. The said appendices, schedule, exhibits and designs shall constitute an integral part of the complete contract.
To all specialized companies in this field and wish to participate in this tender who are technically capable to executing this tender, should send an approved reprehensive to collect the tender package.
NOTE : That the date for collection the tender package commences on Sunday 04/02/2018 until Sunday11/02/2018from ( 9 : 30 )am TO ( 1 2: 30 )pm.
The collection of the package is from tender Committee office fourth floor room (444) at the company head office in Tripoli. The package will be issued according to the following criteria:
Chairman of Tender sub Committee confirming the desire to participate in this Tender.
Representative of the interested company shall be authorized to collect the tender package and shall present an official document stamped with a company seal. Provide a copy of the following legal :
Valid license compatible with the required work. Commercial Registration Certificate of Registration in chamber of commerce. Article of association. Payment of tax certificate.
4. In case of no queries / inquiries are received from the bidder prior to bid submittal , this will be deemed mean that the bidder had studied the scope / specification bid package , found it clear from both technical & commercial aspects , therefore in case of any shortages and / or change of specification from HOO original scope/ specification bid package, shall result in disqualifying the bidder’s offer, and shall be excluded from further considerations with no obligation to HOO to request any clarification from the bidder.
5. Paying value of ( 30 0 D. L)three hundred Libyan dinars, As the price to buy the tender specifications brochurecash only which is non-refundable, issued by a Libyan bank in favor of HOO.
6. Bid bond with a value ( 4000 L. D)four thousand Libyan diner submitted with your offer in the form of a certified check in envelope”D”, which shall be refunded in the event of failure to secure the tender. The check shall be issued by a Libyan bank in favour of HOO.
Bids are to be submitted by hand to Harouge Oil Operations, El - Magarab Street, Ghanat Al Arif, Tripoli, Libya, and Attention: Secretary of Tender Sub - committee, fourth floor room (444).
* Contractor's quotation shall be returned in the form above mentioned on or before middy of Sunday 18/02/2018.
Said bids are to be signed, completed in ink and presented in a sealed envelope/package. The envelope/package shall be clearly and conspicuously marked - Quotation for.
Shade for fire fighting vehicles at Amal field.
Within the sealed envelope/package there shall be three sealed envelopes:
*Envelope (A) shall contain the technical sections of tender.
*Envelope (B) shall contain the commercial sections of tender without price.
* Envelope (C)shall contain the commercial sections of tender with price.
Writes the name of the project on each envelope –quotation for.
Shade for fire fighting vehicles at Amal field.
Notes: Any company or contractor interested in participating in this tender is responsible for all costs involved.
If you have any questions please contact the sub tender committee via :
FAX no. : 00218-21-3330081 EXT. 5043 .
Envelope B shall be clearly and conspicuously marked – ‘Envelope B Commercial without Prices– Quotation –
Shade for fire fighting vehicles at Amal field.
Envelope C shall be clearly and conspicuously marked – ‘Envelope C Commercial with Prices–Quotation for I.

Mustafa Singapore Forex Money Changer.
Além de fazer compras, muitos moradores vêm para Mustafa Singapore para troca de moeda estrangeira. O trocador de moedas Mustafa oferece taxas muito boas para muitas moedas, como Rupees, Rupiah, RMB, Ringgit Malaysia e Peso.
Mustafa Foreign Exchange.
Um dos famosos cambistas no Mustafa Singapore é o Mustafa Foreign Exchange. Você provavelmente verá pessoas trocando dinheiro no balcão, não apenas durante o dia, mas também durante a noite. O Mustafa Foreign Exchange está localizado na # 03-00 no Mustafa Centre. Você pode ligar para o número de telefone Tel: + 65-62929252 para obter informações sobre as taxas de câmbio.
Mustafa Foreign Exchange está aberto à noite também.
No fim de semana, a multidão nos cambistas pode ser longa. Mesmo que eles estejam abertos 24 horas por dia e 7 dias por semana, em algum momento eles podem fechar seu balcão por um curto período até o estoque, deixando uma longa fila de clientes frustrantes.
Encontrar as melhores taxas de forex no Mustafa Singapore.
Eles são outros cambistas dentro e ao redor de Mustafa Singapore, incluindo alguns bons em Serangoon Plaza ao lado. Se você precisar trocar uma grande soma de dinheiro, vale a pena verificar a taxa em alguns cambistas para obter a melhor taxa.
Trocador de dinheiro menor em Mustafa Cingapura.
Cuidados para Mudança de Dinheiro na Mustafa Singapore.
Na maioria das vezes, você pode trocar seu dinheiro sem problemas no Mustafa Singapore sem qualquer problema, já que os cambistas aqui são bem conhecidos e respeitáveis. No entanto, é melhor exercitar alguma precaução para evitar qualquer perda causada por erros não intencionais ou tentativa de trapaça. Se você está trocando uma grande soma de dinheiro, tente pedir uma taxa melhor. Pode ser concedido. Além disso, insista para contar as notas antes de sair do balcão. Há CCTV nos cambistas no Mustafa Centre. Então é bem salvar. Se você estiver recebendo uma nota de moeda estrangeira desconhecida, certifique-se de que a nota esteja em boas condições (não esteja suja, rasgada ou em más condições). Por fim, mantenha seu dinheiro em um lugar seguro, como um bolso ou uma bolsa, para evitar perdê-lo durante as compras do Mustafa Singapore (isso é muito seguro aqui, mas apenas como precaução geral para evitar que nada de ruim aconteça). Com estas precauções, a troca de moeda estrangeira nos cambistas Mustafa Singapore deve ser uma experiência suave e agradável.

Din Merican: o blogueiro malaio DJ.
& # 8230; melhor seguir a verdadeira verdade das coisas & quot; Maquiavel.
Book Review: Notes to the Prime Minister.
BOOK Review.
Asians can think.
by Dr. G. Sivalingam*(August 19, 2011)
NOTES to the Prime Minister details Tan Sri Nor Mohamed Yakcop’s communications or advice to Prime Minister Tun Dr Mahathir Mohamad in connection with the outbreak of the Asian Financial Crisis in July 1997 to August 1998 when Malaysia introduced unorthodox capital controls to save the real economy from speculators and the IMF, that was clearly either ill informed or had an evil design to radically transform the ownership structure of the assets of the fundamentally strong real economy of Malaysia.
One comes out of the reading that it was Nor Mohamed’s brilliant analysis of the crisis that led him to persuade the Prime Minister to impose capital controls. Many have argued that the capital controls came a bit too late because most of the funds had left the economy, when capital controls were finally introduced on September 1, 2011. However, the Prime Minister according to the notes released in this edited book had taken into consideration all aspects of the situation and acted responsibly to save the real economy, jobs and businesses which otherwise may have been transferred via distress sales to the foreigners.
This is contrary to the view expressed in top tier academic journals that capital controls were introduced to save the Prime Minister’s cronies. A suspect method was used by the authors of these academic articles to identify cronies and the data manufactured was subjected to vigorous scientific testing to produce a largely erroneous conclusion. This clearly shows that science can be used to distort reality. It is timely that the release of this book puts an end to the “crony hypothesis of capital controls” that has been in vogue for some time.
I would not hesitate to recommend this book for a graduate course in International Finance as it gives a detailed account of hedging and forward trading strategies and the workings of the international financial markets on a day to day basis as the crisis unravels. The notes are the writings of an expert in the field of international finance with a detailed knowledge of forward markets and instruments used for speculation in both domestic and international financial markets that are interlinked. The students will find this book of immense value because it brings to life theory in a Malaysian setting.
Nor Mohamed correctly takes issue with the fact that Malaysia’s reserves during the crisis were deposited in foreign banks like Citibank in Europe and the US rather than in the domestic banks located in the Labuan Offshore Financial Centre. This is definitely reminiscent of the colonial era.
However, what is more damaging from a financial point of view is that Bank Negara deposits the money in foreign banks at a low interest rate and when Malayan banking needs foreign reserves it needs to borrow from a bank in Europe at inflated interest rates. What Nor Mohamed rightly questions is why could not these funds be deposited offshore in a Malaysian bank in Labuan and used at convenience to ward off currency speculators.
During the Asian Financial Crisis, the IMF and its supporters in Malaysia were pushing for high interest rates, Nor Mohamed correctly argued against the proposal to increase interest rates. His argument is that interest rates should be increased during a boom and not a recession.
The counter argument was that increasing interest rates would attract short term funds and this will help to strengthen the ringgit which was then in a free fall. However, increasing interest rates will cause the stock market to crash as margin financing may become too costly and as a result speculators and hedge funds will move their money out of Malaysia and cause the ringgit to depreciate further.
Nor Mohamed also pointed out at the time of the crisis that high interest rates will result in corporations not being able to service their loans and as a result the non-performing loans (NPLs) of banks will increase.
Nor Mohamed also makes the correct point that the fundamentals of the Malaysian economy were strong at the outbreak of the Asian Financial Crisis in 1997 and continued to be strong throughout the crisis. The free fall of the ringgit was then the work of currency speculators driven by animal spirits or what Nor Mohamed prefers to refer to as “greed and fear”.
The fact the real economy was strong was supported by the fact that exports were strong and FDI was still pouring in. Job losses were at a minimum. The Japanese had also taken the view that the real economy was fundamentally strong and had volunteered to set up the Asian Monetary Fund (AMF) to provide funds to kill the speculators at their own game. However, the Americans and the IMF objected to the setting up of the AMF.
As pointed out by (Jagdish) Bhagwati of Columbia University, the US Treasury-Wall Street complex together with the IMF were bent on creating havoc by driving the ringgit to a free fall by suggesting that the Malaysian economy was riddled with corruption and cronyism and over-investment in rent generating heavy capital investment projects.
Even Nobel Laureate, A. K. Sen speaking in Singapore at the time of the crisis was confident of recovery because he pointed out that the real economy was fundamentally strong.
The much discredited IMF had to eat its own words when years after the crisis it had to admit with much humility that “capital controls are necessary in some situations”.
Nor Mohamed’s notes are also more than sufficient to answer the question: “Can Asians think?” The notes clearly show that not only can Asians think but they can think creatively and are brave enough to think “against the stream”, which is laudable.
This book confirms that it was a harrowing time for both Mahathir and Nor Mohamed but they managed to catch the bull by its horns and steer the economy back into a path of sustainable high economic growth. This is the best book on the Malaysian economy that I have read for some time.
*G. Sivalingam is Visiting Senior Research Fellow, Institute of Southeast Asian Studies in Singapore. Notes to the Prime Minister: The Untold Story of How Malaysia Beat the Currency Speculators by Wong Sulong is published by MPH Publishing, Kuala Lumpur (Price: RM69).
Pós-navegação.
21 pensamentos sobre & ldquo; Book Review: Notes to the Prime Minister ”
The Notes deals with one facet of the Malaysian economy, that is the finance and banking sector, specifically with the foreign exchange market. It is a bit of an exaggeration on the part of my good friend and reviewer, Dr Sivalingam to say that it is the “best book on the Malaysian economy…” But he is entitled to express that personal view.
I have read other well researched and written books on the 1997-1998 Asian Financial crisis from Jomo Kwame Sundaram, Terence Gomez, Mahani Zainal Abidin, Andrew Sheng, Joseph Stiglitz to Paul Krugman and others, and would not rank the Notes as the best on the subject. Otherwise, Mahathir and Nor Mohamad deserved the Nobel Prize in Economics! Stiglitz and Krugman won for their research and contributions to Economic Science instead.
It is true that capital controls (selective capital controls to be exact) introduced in September, 1998 saved the Malaysian economy from a total collapse with untold social and financial costs. So, due credit must be given to Prime Minister Mahathir for defying IMF conventional wisdom at the time, and saving the Malaysian economy.
The work of Tun Daim Zainuddin and his team at the NEAC which included people like Mustapha Mohamad, Sulaiman Mahboob, Mahani Zainal Abidin, among others, was ignored. Economist Al Alim and I worked on the sidelines with Tun Daim and Professor Jomo at University of Malaya at the time. We talked about the Chilean model and wrote to Tun Daim about it some time in March 1998. See swp-berlin/fileadmin/contents/products/arbeitspapiere/DiskussP_ChileanExperienceks. pdf for a review of the Chilean capital control system and its effects.
I remain unconvinced, however, that “the view expressed in top tier academic journals that capital controls were introduced to save the Prime Minister’s cronies” has been completely debunked by what Malaysia did successfully with the imposition of capital controls. It must be remembered the entire motivation for Malaysia’s privatization was crony centered and NEP inspired. While preventing the economy (mainly businesses and jobs) from total collapse, capital controls saved UMNO’s crony capitalists.
As a result of Mahathir’s decision to impose capital controls, the NEP was saved and the legitimacy of his regime remained intact until he decided to fire Anwar Ibrahim, which forced him to quit in 2003 (for entirely different reasons, among them the results of 1999 General Elections). There is nothing unscientific about that. The evidence is irrefutable.
Otherwise, I would agree with Dr. Sivalingam that the Notes is an interesting account of what happened at the policy making level of the Mahathir government during the 1997-1998 Asian Financial Crisis. We all can learn from reading the Notes. But it is certainly not the last word on the subject. –Din Merican.
Two points stand out in the Asian crisis:
1. The advice to Malaysia to increase interest rates. This was a classic “do as I say, don’t do as I do” example of output from foreign institutions.
2. The real underlying reason to soften up the Malaysian economy – the wholesale takeover of its fundamentally functioning apparatus. That the Japanese saw this was a credit to them.
Protection of sovereignty is a right of any government (as the Greeks are currently discovering after surrendering theirs) and capital controls did that leaving our country bruised but basically intact.
The score was : Malaysia ONE – IMF/WORLD BANK ZERO.
Saturday August 20, 2011.
Capital controls: From heresy to orthodoxy.
By ANDREW SHENG.
ON September 1, 2011, it would be 13 years to the day when Malaysia first introduced capital controls to stem the effects of the Asian financial crisis on the domestic economy. In 1998, it was heresy to introduce capital controls on capital flows, since it was the International Monetary Fund (IMF) orthodoxy to liberalise the capital account.
From the perspective of history, one tends to forget that in 1945, when the IMF was first established, the consensus opinion among bankers and academics alike was for hot money to be controlled. Indeed, the intellectual father of the IMF, John Maynard Keynes, remarked that “what used to be heresy is now endorsed as orthodoxy.”
In the old days, courtesy to living persons and the statute of limitations would allow history to be written only after 60 years when official archives are opened to the public.
Today, we live in an age of unfettered information, when oral and documented history can be published rapidly, from authorised biographies issued shortly after a leader leaves office to unauthorised leakages from Wikileaks.
The publication of a new book by Datuk Wong Sulong, former group chief editor of The Star, called Notes to the Prime Minister: the Untold Story of How Malaysia Beat the Currency Speculators, only two months after the IMF announced in April 2011 new thinking on capital inflows, is a remarkable achievement.
Sixty-six years after the IMF was formed, capital controls have moved full circle from orthodoxy to heresy and back again to (qualified) orthodoxy.
The book comprises 45 Notes written by Tan Sri Nor Mohamed Yakcop, Minister in the Prime Minister’s Department, between Oct 3, 1997 and Aug 21, 1998 to then Prime Minister Tun Dr Mahathir Mohamad.
In short, they were the key briefs that helped Dr Mahathir make up his mind on the key economic policies to help combat the Asian financial crisis.
Book offers deep insights.
For both historians and practicing policymakers, this new book offers deep insights into the serendipity and the practice of successful policy decision-making. There is an element of serendipity, because Dr Mahathir recalled that he spotted Nor Mohamed walking down a street in Kuala Lumpur just before he left for Buenos Aires in September 1997 via Hong Kong, where he attended the World Bank Annual Meetings and clashed publicly with George Soros on currency trading.
On Sept 29, 1997, he summoned Nor Mohamed to meet him in Buenos Aires, because he needed someone who understood currency trading. It is a tribute to a politician trained as a doctor that he was willing to spend repeated sessions with an experienced currency trader to understand the intricacies of modern financial markets.
Reading the 45 Notes in historical sequence, one gets a far better appreciation of how the decision to impose capital controls was arrived at. The Notes not only have historical value, but also current-day applicability, as they explain not only offshore currency, the psychology of fear and greed that drive markets, but also market manipulation in thinly traded emerging market currencies.
The major problem of the proponents of the Washington Consensus in 1997 was that most of them were macro-economists who had little understanding or experience of how the markets actually worked. Free markets became a dogma and objective in their own right, rather than the means to an end for better livelihood for all.
The Notes also revealed that in complex decisions under uncertainty, it was vital to understand clearly the key parameters for action. Note 7 clearly pointed out that Malaysia was different from other countries under currency attack because it did not have large short-term external debt. Note 11, dated Oct 21, 1997, spelt out the factors that determined exchange rates, with a particularly illuminating explanation of market manipulation.
Market manipulation was seen as due to concerted effort by hedge funds, using large gearing and available tools and then triggering the element of fear among the long-term investors who have legitimate currency risk.
In other words, if the wolves can trigger the herd to move, then the fundamentals can move. The perception of fear changes the whole game.
Note 39 dated July 9, 1998 is an important study of the effect on Malaysia of the central limit order book (CLOB) for trading of Malaysian shares in Singapore. The Note identified that the CLOB was a convenient way for capital outflows.
Hence, one of the most effective ways for exchange control was to impose the condition that Malaysian shares could only be traded on a Malaysian exchange, which came on Aug 31, 1998, with exchange controls imposed on the following day.
In Dr Mahathir’s words, “during the financial crisis, we faced two parallel situations; the ringgit was falling rapidly and Malaysian shares were also falling rapidly. So we had to put an end to both.”
The IMF has come out with six key principles for formulating capital control policies.
The first is that there is no “one-size-fits-all” policy mix. The second is that capital controls should fit long-term structural reforms. Third, capital controls are only one tool and not a substitute for the right macro policies. Fourth, capital controls can be used on a case-by-case basis, in appropriate circumstances. Fifth, the medicine should treat the ailment, and finally, the policy must consider its effect on other market participants.
It is hard to argue against these common sense “motherhood” principles. The trick in real life policy-making is how to apply them to local conditions.
On of the features of the current Chinese capital controls is that China also has a large amount of Chinese shares listed outside capital controls, such as Chinese shares listed in Hong Kong, Singapore and New York.
This is a book that is a must read for all emerging market policymakers interested in liberalising their capital accounts and for IMF experts to ponder emerging market experience.
I recommend that this new book be translated into Chinese, so that Chinese policymakers interested in internationalising the renminbi can look at the Malaysian experience.
Tan Sri Andrew Sheng is author of the book, From Asian to Global Financial Crisis.
Al-Alim, yes, I know him. He should comment since Dato’ Din mentioned his name. I like to know what he thinks on this subject. Sunday and puasa time, he still could be sleeping.
Andrew Sheng, don’t exaggerate. As a respected former Bank Negara and World Bank man, you ought to be more critical. Unfortunately, you tend to play politics these days. Yesterday, it was Badawi, now Najib, what is next?
From: Robert Chan.
Sent: Mon, June 6, 2011 8:32:47 PM.
Subject: Fw: Re – Untold Story of Forex Exchange – Book Launched.
From: Robert Chan.
Sent: Fri, June 3, 2011 1:04:11 PM.
Subject: Re – Untold Story of Forex Exchange – My Analysis.
Dear Thean Lee Cheng,
Mahathir was responsible for 1997-8 Financial Crisis.
In 1995, World Bank, IMF and Economists warned Mahathir Mohammad, the Prime Minister that if Malaysia did NOT manage its economy and finance properly, it would suffer the same fate as Mexico whose peso plummeted very seriously. Instead of finding out WHY and HOW to prevent the situation, Mahathir immediately rebutted & scolded them by saying that they were jealous of Malaysia development & economy and they were trying to embarrass us.
In 1997, when the Financial Crisis crashed on us, we were all shocked. Mahathir did not know what hit us & therefore did not know what to do. Mahathir & his Ministers were confused by the various statements that they made. When US Secretary of Treasury, Robert Rubin came, his advice was sought. Robert asked Daim & Mahathir to reduce interest rate.
Daim is only a Lawyer and businessman. He is no great Economist. IF Mahathir & Daim claim that they are experts in Economics & Finance, I will like to give them a Test in Economic & Finanças & # 8211; Theory and Viva.
Professor Paul Krugman wrote an open letter to Mahathir to ask him to implement the Exchange Control. Finally the value of Malaysian currency RM fell by more than 50% from RM2.50 to RM3.80 to USD. Mahathir is NOT an Economist and had NEVER faced such type of Financial Crisis BEFORE. Therefore Mahathir did not know the solution. He took advice.
Rumours in KL said Nor Mohamed Yaacop was responsible for the loss of US$10 billion in currency trading . Ask the Bankers & his classmates in University of Malaya. Malaysians became poorer by more than 50% because the idiotic Prime Minister Mahathir was stubborn. So what so great about Mahathir.
When I was in Britain there was a Debate where Nobel Prize Winner Milton Friedman, Margaret Thatcher British PM etc participated on the Economy of Britain.
Milton Friedman & Margaret Thatcher both said, “You cannot spend money you have not earned.”
Even a normal housewife knows that. She will run on budget. A housewife is given a certain sum of money a month by her husband to manage the family & house.
If she over-spends she will get a big screwing & scolding from her husband.
Most of the time the housewife will spend less than what was given so that she has some money for rainy days. A normal housewife can manage the economy better than Prime Minister Mahathir.
Mahathir the Prime Minister ran current accounts deficits for several years with little reserves. This invited attacks on the currency. Mahathir apparently spent RM10 billion to support the ringgit but failed. Mahathir blamed everybody except himself. Mahathir had to find a scapegoat & he pointed finger at George Soros. Mahathir is good for finding scapegoats.
When Malaysia was in the midst of this Financial Crisis 1997-8, he led a huge delegation to Argentina. WHAT FOR. He should have stay at home to LEARN ABOUT THE CRISIS, its causes & its remedies. But he did not care .
If a Japanese PM did that, he would be asked or forced to resign. Mahathir did NOT treat the people with respect. His attitude is like, “What can you do? I am the PM. I got power.” After retirement, he admitted the 1997-8 Financial Crisis was the biggest headache he ever had as PM.
When I went to Argentina for holiday, I was told by some Argentinians that our Prime Minister & Ministers and biz men had bought properties in Argentina. Is that true. Is that the reason WHY Mahatir (after retirement) fly in “private jet” to Argentina . Whose private jet was that.
Mahathir is an arrogant & stubborn person. Mahathir built the crooked half bridge from Johor without first getting Singapore to agree & sign the Agreement. Now the half bridge is rotting in the sun. Mahathir wasted RM350 million of the peoples money. But he doesn’t care. He always said he did not care.
See how stubborn and idiotic he is. Mahathir is an irresponsible Prime Minister. # # # The RM350 million could be used to build 3500 homes for the poor Malaysians. These homes could accommodate about 18,000 people. Are Architects & Engineers taught in Universities how to build crooked half bridges.
I don’t think it is in their curriculum. I think it is unethical for Architects Engineers to build HALF bridges. Who made the MONEY from building the HALF bridge.
Mahathir got no respect for the people of Malaysia. His attitude is appalling.
“I can spend you peoples’ money any way I want. What can you do about it. I am the Prime Minister. I got Power.”
Mahathir built the RM600 million Convention Hall in Putrajaya for OIC Meeting. Now it is hardly used. Mahathir just doesn’t care. Why doesn’t Mahathir use KLCC Convention Hall or PWTC Halls or other big Halls in KL ?
Mahathir is the WORST Prime Minister we ever had. Obrigado.
If the work of Tun Daim Zainuddin and his team at the NEAC which included people like Mustapha Mohamad, Sulaiman Mahboob, Mahani Zainal Abidin, among others, was ignored, then this is not complete story of Malaysia’s v-shaped recovery in 1999. The NEAC released a recovery road map which was implemented with a sense of urgency and that saved the day for Malaysia. Capital controls only stopped the run on the ringgit.
Economist Al Alim and our bloghost worked on the sidelines with Tun Daim and Professor Jomo at University of Malaya at the time. They talked about the Chilean model and wrote to Tun Daim about it some time in March 1998 WHY was it implemented/ introduced in September, 1998 ? They probably could not convince the Prime Minister at that time.
Don’t you think we could have saved more ( 6 months is a long time) then to wait for TDM to spot once a central bank clerk, Nor Mohamed walking down a street in Kuala Lumpur(?) to teach him about currency and currency trading?? I think this book is as good as ” Doctor in the House” ! Here is the man who was part of the team at Bank Negara which incurred huge exchange losses betting on the British Pound in 1992. That loss nearly bankrupted Bank Negara, forcing the Government to guarantee that it would stand by the Bank. All that is forgotten.
Nor Mohamed was a Central Bank clerk??
I haven’t read the “Note” of Nor Mohamed yet so I cannot comment on it yet. Yes I know Al Alim well and I was aware that he was very close to Din in those days. I am also aware that he did collaborate with din to send a number of letters to not only to TDZ but to people like the Treasury senior officers, including Suleiman Mahboob, Tan Sri Clifford Herbert and Mustafa Mohamad who was and still is close to TDZ.
Capital controls were necessary then and did help to contain the outflow (whatever was left) of domestic and foreign capital. What many people may not be aware is that many of the currency speculators were and are Malaysian bankers, apart from the likes of Soros and his Hedge Fund associates. They are at least honest and admit they are speculators. But the banking cronies of TDM never will.
It is rather naive to argue that National Reserves should be kept with local banks in Labuan. Labuan then was in its infancy and to keep any amount of reserves there would have been foolhardy. It is a well known fact of economics that you need to keep sufficient reserves of major currencies as most trade is conducted in such currencies.
Currency and international market manipulation are well known to Nor Mohamed since we have the historical losses at BNM to prove that, which happened with the knowledge of TDM! TDM once tried to control the international tin trading where he failed miserably and EPF lost a lot of money! Thus there was no serendipity in the meeting as Andrew Sheng points out. TDM merely recalled one of his local currency speculators to advise him on curbing speculation. I believe, as I was told by Din and Alim, even the issue of CLOB was pointed out as a huge leakage of capital that needs to be closed.
I read the Notes. It was a tutorial for the Prime Minister, not treatise that both Sivalingam and Andrew Sheng would have it. No need to read it. I merely browsed through it at MPH Mid-Valley a few months ago. I thought nothing much of it. There is nothing in it on foreign exchange market that I do not know about.
You are obviously in command of the facts concerning the Asian Financial Crisis of 1997 (July) and 1998, which started as an attack on the Thai currency. The contagion spread rather quickly to Malaysia and Indonesia, affecting the Ringgit and the Indonesian Rupiah and the stock exchanges in Kuala Lumpur and Djakarta. Consequently, overnight values of stocks and shares and property were wiped out in a flash.
I remember arguing with Al-Alim and Jomo about how we can stamp the massive outflows of portfolio capital, and stabilise the Ringgit exchange rate. It was Jomo who suggested to Al Alim and I that we should look at the Chilean model. That was in March, 1998.
It took a long time before Malaysia decided to impose selective controls and shut the window on Clob. By that time, as argued by Jomo, a lot of money had already left our shores. Yes, capital controls did stop the outflows of portfolio capital but it was a little too late as the chicken had left the hen house. The impact of our capital controls was more psychological.
Therefore, I would state that capital controls did not bring about the V-Shaped recovery of the Malaysian economy, as pointed by eiz. It was series of Keynesian like measures introduced by Daim and his NEAC team under the recovery plan with the endorsement of the Prime Minister that made recovery possible.
Danaharta was inspired by FDR’s Resolution Trust Corporation. Danamodal was created to recapitalise the banks and the merger of banks commenced after that. Noh Mohamad was not the architect of the recovery. I would argue that Daim and his NEAC team should be given due credit for our economic recovery in 1999.–Din Merican.
The Asian Financial Crisis has taught small economies like Malaysia of danger in over relying on foreign funds for it’s economic development。The mostly western investors or lenders took flight at first sign of trouble，but that was not the only sign。They took flight because the conditions at that time validated their suspicion，which I believe roots following the publication the East Asian Miracle。
The World Bank’s East Asian Miracle study was financed by Japan’s MITI. –Din Merican.
If you know Sivalingam as well as i do , then you will know that he is an arsehole . And if this arsehole thinks this book is the best he has read on the malaysian economy , then he is trying to carry somebody’s balls or trying to give his own brother ( another arsehole ) a blow job.
And as for Nor Mohamad , he was an office boy in bank negara . And like all office boys who are in the big time now , all he does when budgets are presented by the civil servants , is to ask for the budget to be doubled . And i guess , we all know where the additional budget goes. Just ask around about the floor space at SKYPARK in subang airport and also in KLIA . Ask who is controlling the space?
And these are the people the author of this book and sivalingam want to prop up? They are no better then Mahathir or sivalingam’s brother.
I agree with you that by the time the capital controls were introduced, there was no capital to control. Yes it was the policies, strategies and programs that TDZ and the NEAC meticulously carried out that really saved the day, as you have put it so well. Most economic historians are aware of this this.
Tun M is a political animal, certainly not an economic whiz. I believe he imposed capital controls for 1 reason and 1 reason only.
He was about to fire his finance minister (who at that time was looked upon favorably by the IMF, World Bank and currency speculators) and had to make sure that the RM was isolated from the resulting fallout.
He would be having his hands full battling DSAI and could ill afford the resumption of domestic financial market turmoil a plunging RM would cause.
If memory serves me correctly the RM hit its lowest in January 98. In subsequent months it had strengthened from RM4.40 to around RM3.70.
It started falling again when rumours that DSAI was to be sidelined started circulating in May. The RM had gone back down to around RM4.20 just days before the capital controls were instituted and DSAi sacked the following day.
“The Asian Financial Crisis has taught small economies like Malaysia of danger in over relying on foreign funds for … economic development” TLK.
And the second lesson that ought to have been learnt by now is that when foreigners give advice on finance, development etc, listen but do roughly the opposite. That way you will know you are on the right track.
Globalisation of the economy as we knew it is in its final stages and not a day too soon. The sooner our country learns to fend for itself the better. The PIIGS group are learning this the hard way.
Before the ‘East Asian Economic Miracle’, there was ‘The Four Little Dragons: The Spread of Industrialization in East Asia’ by Erza Vogel of which the word “Little” would be emphasised shortly. Most certainly, those who read ‘East Asian Economic Miracle’ would have also read ‘The Four Little Dragons: The Spread of Industrialization in East Asia’ também. It is therefore not ridiculous to construe that ‘East Asian Economic Miracle’ was somehow inspired by ‘The Four Little Dragons . . . ‘.
Many regional politicians marvelled at the idea of their countries being miracles. Little that they realised that it could be a succinct slander. Worst still getting a fall sense of security which boosted their id sense of infallibility.
I am saying it might be a succinct slander because according to western economic growth models, it was impossible to have that kind of growth senario – check out any economic text books before 1997. It could have been taken as a friendly reminder [warning] but instead, most governments in East Asia and Southeast Asia took it that their governing styles, as strongly cited by ‘East Asian Economic Miracle’, were reponsible for that marvellous ‘miracles’.
If I were a foreign fund manager or banker putting my funds in East Asia and Southeast Asia would be a relatively risky prospect, because the economies, though growing, had broken all conventional wisdom and economic theories. I would put my funds on a short leash, with high liquidity and quick exit strategy. Nothing develish about that, just business. That explains the speculation in the stock markets and the lending of short-term loans to East Asian and Southeast Asian banks.
What was the real objective of ‘East Asian Economic Miracle’? It merely showed that small [little] and individualistic, self-serving ‘democratic’ countries in East Asia were very successful during that period, and naturally the young governments were supposedly responsible. It could also be used to show that only small countries in East Asia could be successful. Therefore all should remain small, for this was the prescription of the model. Of course, I may be accused of speculating without concrete facts.
But being small had its dangers, and definitely not beautiful, especially when dealing with the giants of the developed countries like the United States which at the time has the volume of money to bury and wreck economies. Just look at the former Soviet Union, that was reportedly lured into the so-called STAR WARS rivlary with the United States. Soviet Union was the largest country, what chance did the little East Asian dragon have?
These small countries lacked resources and productivity to continue growing, except to go on speculative ventures like real estate, and stock market speculation with foreign funds. It used to be the automobile industry that could quickly stimulate an economy, but East Asian and Southeast Asian countries included home-grown real estate (property) investments too in the big haste for growth. Here, again I speculate that the bubble of the stock markets and loose monetary controls were responsible to for the bubble in the property market. By the looks of it, the phemomenon of the Asian Financial Crisis is very possibly the complete reversal of the American Financial Crisis.
The major funds and capital markets were in the hands of the developed countries even though the origination, though not entirely, may be from East Asia. It was quite ironic, the East Asians relegated the investment of the funds into their hands, and therefore, gullible East Asians and Southeast Asians did not have much say in the management of their own funds because there was not many organized markets for the region.
All the East Asian and Southeast Asian were rich, but they did not have a combined regional specific fund, because they simply were red eyed at each other.
The reliance of the economic growth of the developed world on East Asia [at that time, China was very much in the grey area] was infinitesimal. This condition was further strenghtened by their high forex rates. Therefore, letting go rendered no much shock, unlike the reverse which saw many countries in East and Southeast Asia went into financial coma. They had nothing much to lose, but we in East and Southeast Asia had everyting to lose.
There were so much one-upmanship shows to attract the attention of the developed countries. Nothing much was cared for the neighbouring countries. One country was even declaring being number one for airport, port, and so on. Others were constructing inconic monuments and buildings. If these were not signs of hugging to the succour of the developed nations, I do not know what was. But the leaders being politicans just could not help themselves.
The book by Tan Sri Nor Mohammed Yakcop, I believe is a splendid revelation on how Malaysia averted or escaped from the Asian Financial Crisis.
Not to be defamatory, is it a show of heroism, individualism and maybe this is a subtle form or substitute of waving the ‘keris’? I certainly hope this book does not imply that Malaysia still thinks it can solve its problems on its own without international co-operation. That was the individualistic bravado mentality that got the East Asian and Southeast Asian countries into the Asian Financial Crisis in the first place. Are the East Asian and Southeast Asian countries still have red eyes at each other?
However, this does not mean that the people mentioned in the book did not do a good job. De modo nenhum. We all know that doctors love to cure. That is what they are usually good for. Does the book tell about the regionally integrated preventive measures taken by the doctor and his successors? If yes, how are they progressing?
‘Notes to the Prime Minister’ is good for undergraduate management case study. In studying management, there are no right and wrong to the questions as we need to know diverse factors at play at the times, like the financial engineering, economic political issues, etc, etc.
I was going to say that this is the worse excuse of a book review I’ve ever seen, but I see others have pointed out the flaws in Sivalingam’s article.
Fact: The major currency speculators against the Ringgit in 1997 (pace Soros) were Malaysian and Singaporean banks (I was working for one of our local banks at the time, and I remember most made a bumper profit in Treasury income in 1997).
Fact: In the two years running up to the crisis, money supply growth was in the high 20 percentile, loan growth for some of our local banks reached near 30% per annum. A lot of it unfortunately was crap (pardon my language, I was involved in the cleanup).
Fact: BNM ceased sterilising capital inflows in late 1995 (IIRC), triggering the explosion in money supply growth.
Fact: Investment was high in 1995-1997 – but mainly in fixed assets i. e. property, particularly condos and commercial office space. If people think that we have a property bubble now, memories are way too short. We’ve only just lately overcome the commercial property glut from those days.
Fact: For most of the 1990s, unlike the past ten years, and unlike the decade before, Malaysia ran a current account deficit.
Fact: At the point in time that capital controls were imposed, the Ringgit had already strengthened by around 15%.
Take the last two points together – China devalued the Yuan/Renminbi by a third at the end of 1993. That single event made most of East Asia uncompetitive at a stroke. The currency attacks on the THB, MYR, KRW and IDR brought them back in line with their pre-devaluation levels against the CNY. Coincidência? Não pense assim. Btu the lesson was learned – BNM unpegged the MYR against the USD in 2005, on the same day China unpegged the Yuan. Coincidência? Não pense assim.
Implication: At the point the Ringgit was fixed against the USD in Sept 1998 (I remember the day vividly), it had already settled around its long term equilibrium value. Not only did capital controls fail to prevent capital outflow, they were also imposed at a point in time where speculation was already dying away. Worse, the appreciation of the USD four years later made Malaysia’s exports – again – uncompetitive, and has led to the slow decay of our electronics exports (and complete death of our electrical exports).
Take it all together – far from being solid, Malaysia’s economic fundamentals pre-crisis stank. Uncompetitive in trade, suffering from a property bubble, excessive credit growth and low credit standards – can you say overheating?
The Asian financial crisis, far from being caused by manipulative and greedy speculators, was the culmination of policy mistakes and missteps. The proper time, if any, to put in capital controls (especially those on the lines of the Chilean model) would have been in 1994/5 not in 1997/8. The currency speculators were rational – many of the East Asian currencies in early 1997 were the equivalent of a can’t lose, one way bet.
Note that the current IMF/World Bank support for capital controls is only for capital inflows, not outflows.
The Asian financial crisis, far from being caused by manipulative and greedy speculators, was the culmination of policy mistakes and missteps - hishamh ,
True, the crisis was caused by mismanagement by the governments.
The crisis happened two years before I did a dissertation for my masters: “Beyond Currency Rates as Competitive Advantage a Model for Predicting the Unpredictable” when I was with the private sector.
In fact, the private sector has better knowledge than public sector. That is why Tan Sri Nor Mohamed Yakcop who worked for Mun Loong Bhd was summoned by Dr Mahathir to meet him in Buenos Aires, Argentina, on Oct 2, 1997. The first set of those notes was written a day later, on Oct 3.
Extremely helpful cheers, I’m sure your current visitors may want even more information of this nature keep up the great effort.