a Malaysia for Malaysians

It's Only in USA. Malaysia Economy Very Strong

Governments have spent billions of dollars on rescue packages, led by the US with its $700bn rescue package.

UK Rescue Plan

Australia : Prime Minister Kevin Rudd announced an injection of $7.4bn into the economy. Most of the money will come from a $15.3bn budget surplus forecast for the current fiscal year.

CHINA: China has also joined the interest rate offensive, cutting rates by 0.27 percentage points.

HONG KONG, TAIWAN: The central banks of Hong Kong and Taiwan joined the growing number of countries to cut their interest rates. Hong Kong later promised to guarantee all bank deposits until 2010.

JAPAN: Prime Minister Taro Aso said he would call an emergency summit of the G8 if finance ministers meeting in Washington did not reach agreement to take action on the credit crisis.

The authorities also relaxed regulations on companies buying up their own shares, and said they were considering capital injections for medium-sized and small financial institutions.

Mr Aso said more action would needed to be taken to boost the country’s flagging economy, even after the lower house of parliament approved a 1.8 trillion yen ($18bn) stimulus plan and the Bank of Japan put 4.5 trillion yen ($45.5 billion) into the banking system.

NEW ZEALAND: The government is planning to guarantee retail deposits, initially for two years.

SOUTH KOREA: The South Korean central bank cut its benchmark interest rate and repeatedly intervened in the currency markets to support the won. Regulators meanwhile announced measures to reduce market speculation.

INDIA: The central bank has moved to inject 600bn rupees ($12.2bn) into the money markets after sharp falls in Mumbai’s stock exchange and the plunge of the rupee to an all-time low. It also cut the cash reserve ration for banks by 150 basis points to 7.5% on 12 October, releasing billions of dollars into the banking system.

GERMANY: On 13 October, the cabinet approved Chancellor Angela Merkel’s rescue package for German financial institutions which includes a fund to provide up to 400bn euros ($549bn) in interbank loan guarantees and 80bn euros ($109bn) to acquire stakes in banks in a similar manner to the British government. The finance ministry said banks would be able to draw on the services of a newly-created “financial market stabilisation fund” until the end of 2009. The measures must still be approved by parliament.

The government stepped in on 6 October to avoid the collapse of Germany’s second-biggest commercial property lender, Hypo Real Estate. In an attempt to prevent a subsequent run on banks, the government announced it would guarantee all personal bank deposits in the country.

FRANCE: President Nicolas Sarkozy announced on 13 October the creation of a fund worth 40bn euros ($55bn) to acquire stakes in French financial institutions and a guarantee of up to 320bn euros ($437bn) on interbank loans that would run until the end of 2009. “Nothing will be spared to prevent the crisis getting any worse,” Mr Sarkozy told journalists at the Elysee Palace in Paris. The loan guarantee will be offered to banks at commercial rates, and beneficiaries will have to sign up to certain “ethical” obligations, including on executive pay.

Malaysia :

Bank Negara Malaysia : Malaysian Financial System Can Weather Current Global Financial Turmoil

Najib: No need to panic, we will weather global financial crisis.

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