[GOV] Turmoil on the monetary market

Day 587, 13:26 • Published in Malaysia Malaysia • by Prime Minister's Department

Hello everyone, I come with some important news today. If you take a look at our monetary market, you can see that the exchange rate of MYR has jumped up to 0.01 gold from 0.007 gold only 1-2 days before. Deflationary pressure was too high at the 0.007 rate partly because of speculators and partly because of other reasons. If we wanted to keep the rate at 0.007 gold we should have printed more MYR to ease this pressure with which we have fallen behind. Without issuing MYR we could only stop the upwards trend (that escalated into all MYR being bought out at one point) at 0.01 gold for now.

But now we are catching up as a proposal is submitted about issuing 8000 MYR for 40 gold. It will take almost two days till we can actually use it but then we will try our best to normalize things on the monetary. Every congress member was informed about the situation and this proposal in private mail as well as this is a very important action, and I hope we will come out of this situation in the best possible shape.

Best regards,
Nagyzee

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