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The currency's value fell from an average of 3.20 MYR/USD in mid-2014 to around 3.70 MYR/USD by early 2015; with China being Malaysia's largest trading partner, a Chinese stock market crash in June 2015 triggered another plunge in value for the ringgit, which reached levels unseen since 1998 at lows of 4.43 MYR/USD in September 2015, before ...
Prior to the 1997 Asian Financial Crisis, the Malaysian Ringgit (MYR) was a floating currency that traded at RM2.50 at the dollar. As speculative activities spread across the region, the Ringgit fell to as much as RM4.10 to the dollar in matter of weeks.
In addition, the Malaysian economy contracted 5.6% for all of 2020, its worst performance since the 1998 Asian Financial Crisis. [ 6 ] The travel, hospitality and entertainment sectors were particularly hit hard by the COVID-19 pandemic but the ecommerce, technology and healthcare sectors thrived despite facing supply chain disruptions.
Malaysia's economy plunged into its first contraction since the 2009 global financial crisis in the second quarter as the coronavirus pandemic ravaged business activity, prompting the central bank ...
Malaysia's full-year economic performance fell 5.6% in 2020, the worst annual performance since the 7.4% decline in 1998 during the Asian Financial Crisis, according to data from the department of ...
One of the most significant events in the history of the Malaysian economy was the Asian financial crisis, which caused Malaysia's GDP to shrink from US$100.8 billion in 1996 to US$72.2 billion in 1998. The Malaysian economy's GDP did not recover to 1996 levels until 2003. [17] The year 1997 saw drastic changes in Malaysia.
Malaysia tumbled into fresh political turmoil Sunday after a tightly contested general election delivered a hung Parliament with no clear winner and a surprising surge of support for an Islamist ...
14th century banking crisis (the crash of the Peruzzi and the Bardi family Compagnia dei Bardi in 1345).; Hyperinflation in the Yuan Dynasty (1350s). Public confidence in the dynasty's fiat money is lost due to the poor quality of the issued currency and overprinting to finance the military.