And then the country was hit very badly by the financial crisis back in 98. If i remember it currectly, the worst was when the exchange rate was at USD1=RM5. Yikes! Our beloved former Prime Minister then made a very bold move against the IMF, foreign government, investors and etc. That is to peg the RM to USD at the rate of 3.80 and also imposed on capital control. What a hoohaa he created back then but now everybody agrees that that was the best move ever and to me personally i think it was the best thing he had ever done to the country besides other things. (You know like the Penang Bridge, KL Tower, Petronas Twin Tower and KLIA)
Now back to the exchange rate. Im not exactly sure when the RM was unpegged but it did. To Malaysian living in Malaysia and earning in RM, its always good when RM gets stronger. It means that we can travel more and shop ever much much more. hehe. But not so fortunate for me, now that Im living in the US and unemployed and yet having to send money home to pay for my expenses. I so want to sell my condo back home but oh well, that's another story for another time. The USD is getting weaker and weaker every week. You can see how much USD has dropped (or is it RM has gained?) in the last 5.5months courtesy of x-rates.com.
Malaysian Ringgits to 1 USD
latest (Apr 5)3.449
lowest (Apr 5)3.449
highest (Oct 20)3.674
Im done talking about currency so now im gonna talk about factory outlets. Have you been to one yourself? I dont know if its just me but I find the factory outlets nowadays defeat the purpose. I mean the outlets that I was used to are outlets for branded store where they'l be selling the off-season collections for a fraction of what they used to cost when they first came out. Nowadays they even have jc penney, old navy. Im not insulting them (i do shop at old navy) but come on! You'r not gonna go broke if you shop at old navy stores, are you? Who else is gonna have their own "factory outlet" soon? Walmart? target? bestbuy? (oohh i like that one! lol!)
If thats not bad enough, now even the branded stores no longer have nice things. Yes I know they cant sell the current seasons items there but selling items from 10 years ago dont make any sense either right? Recent visit to carlsbad proved tht to me. S & i both agree that the stuff that they have are so 'makcik' and wont even sell in Malaysia. It was so frustrating indeed.