Without Tun Dr M’s guidance, Bank Negara is acting stupid

Without Tun Dr M’s guidance, Bank Negara is acting stupid

 

During 1998 Asia financial crisis, Tun Dr M slashed the interest rates or BLR against the repeated advise of IMF and World Bank. Tun Dr M was thinking out of box and successfully pulled out Malaysia from the turmoil faster than other countries and its neighbours.

 

In the resent global credit crunch started from US, America is taking the ‘medicine’ invented by Dr M. They are resuscitating the big financial institutions with Dr M’s treatment regime. Moreover, the central banks around the world are reducing the BLRs. 

 

If Bank Negara had decided to raise the BLR then, without following Tun Dr M’s guided BLR reduction, numerous people could be bankrupted in Malaysia.

 

At present, Bank Negara endorsed increasing of car Hire Purchase interest rates by Malaysian banks and Finance companies looks ill guided or it is rather like a foolish act. 

 

Car sales dipped. New and old car sales companies and the whole automobile industry is slowing down. Banks and Finances companies’ businesses are also almost at a standstill. After all, this is affecting not only the car buyers but it could spread to all the customers and citizens through out Malaysia and slow down the whole economy further.

 

 

 

 

 

 

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