Wednesday, August 8, 2012

How Malaysia handled the Asian Financial Crisis without IMF and its aftermath

The Asian Financial Crisis in 1997 came as a surprise and caught most people by surprise not only by the speed but also the severity of the crisis. At that time the Asian Economic Miracle was the buzzword then and the Asian Tiger economies are at their peak not only in the performance of their export oriented economies but also the stocks and properties market. To accommodate the shortage of funds needed to boost their economies, their governments embark on a ‘loose money’ monetary policies regime.

Loose Money Policy

Rules governing the inflow and outflow of foreign funds are relaxed and so does the terms of borrowing by banks and corporations. Instead of the traditional ‘borrow long lend short’, banks then did the opposite and they ‘borrow short lend long’. Such practice will put bank in a precarious position because if they borrow short say 3 years and lend long for 10 years then there will exist a ‘window of interest rate risk of 7 years’ , from fourth year to the 10th year. It will put the banks in a extremely risky position. This because during a financial crisis, a country’s  currency will most likely be victim to currency  speculators when they start attacking their currency .   

Currency depreciation

Normally there are two monetary tools available to the authorities to fend off the currency speculators. One is to raise the domestic interest rates and the other is to defend its exchange rate by using its reserves to artificially prop up its currencies. As usual once the reserves dries up then the currency will continue to fall.

While defending their currencies, the authorities will raise their interest rates which resulted in the increased in the ‘cost of funds’ for the banks and corporations. As a result, it will be very prohibitive for them to service their debts. If left unchecked, it will send many of them into bankruptcies.

I still recalled during the height of the Financial Crisis in 1998, the interest rate in Malaysia went up to as high as 18%. Coupled with the currency devaluation it provided a double whammy to many of the businesses in Malaysia. To do business in Malaysia then was very difficult due to the wide trading band between the Ringgit and US$. Many businesses found that whatever they have quoted their customers a week ago resulted in a loss due to the depreciation of the Ringgit. In other words the business activity came to a halt. The Malaysian Government needs to do something to stem any further devaluation of the Ringgit. In the next few sections we will delve into this topic.   

Due to the length and depth of this article, I will separate it into the following parts.

  1. Pre Crisis            – How it started
  2. During the Crisis - How the Malaysian Government responded
  3. The aftermath      - How did Malaysia’s economy performed as compared to those that embraced the IMF assistance during the Crisis. Is our solution to the crisis a desperate move for crony bailout or an economic crisis stabilization program? Instead of weeding out the deadwoods did the authorities use this opportunity to reinforce the ‘Bumiputra’ grip on the economy at the expense of other races.


Part One – Initiation of the Crisis.

Before we delve into the possible reasons for the Crisis , I think it is best to take a look at the chronicle of events leading up to the crisis. The following is the table describing the various events.

Column1The 1997 Asian Financial Crisis
  
DateChronicle of Events during the Asian Financial Crisis
2nd July 1997After exhausted of funds defending the Baht. Thailand decides to float it
18th JulyPhilippine and Indonesia devalues their currencies
18th JulyIMF extends $1.1 billion loan to Philippines
24th JulyAsian currencies under severe pressure especially the rupiah
20th AugustIMF extends $17 billion loan to Thailand
28th AugustAsian Stock Markets plunging to multi year lows
23rd OctoberHong Kong dollar and stocks under heavy selling pressure. Hang Seng lost 10%
28th OctoberCurrency Speculators moving to Korea. Korean won hits new low
5th NovemberIndonesia seeks IMF assistance with $40 billion approved
24th NovemberCollapse of Sanyo and Yamaici Securities and Hokkaido Takushoku Bank
3th DecemberKorea seeks IMF assistance. A total of $57 billion approved
5th DecemberMalaysia imposes tough market reforms in order to stem foreign funds outflow



As with all Financial Crisis, there are caused by multiple factors. The Asian Financial Crisis of 1997-98 is no exception. Listed below are some of the most debated reasons for the onset of the Asian Financial Crisis.

  1. Deteriorating economic conditions
  2. Moral Hazards by banks and corporations
  3. Too much inflow of foreign funds
  4. Stock market and Real Estate Bubble
  5. Lack of regulatory control on funds
  6. Massive disinvestment by the Japanese during the early 1990s due to their misadventure in the U.S coupled with their stock market crash. This resulted in the recalling of funds in the region by Japanese banks.


In the following, we shall provide an account on the few most possible factors for the initiation of the crisis.

  1. Liberalization of the Financial Sector

As from our discussion above due to the credit boom in the international front and the relaxation on foreign capital inflows by the authorities, it led to an increase in the foreign capital inflow. Normally the funds will find its way into either the real economy in terms of loans to businesses or the unproductive stock and property market. Unfortunately during that time the capital inflow are directed towards the stock and property market. The following table shows the percentages of the loans given to the property sector and also the NPL during 1997.

Bank Lending to Property Sector as % in 1997.  Source BISColumn1Column2
Country% of loan to propertyNPL - Non Performing Loan
Hong Kong40-55
1%
Singapore30-40
4%
Thailand30-40
36%
Malaysia30-40
15%
Indonesia25-30
15%
South Korea 15-26
30%
Philippines15-20
7%


Source : Bank of International Settlement

As can be seen from the above the four countries that are most affected by the crisis also coincide with having the highest NPLs in their respected banking industry.

The following chart is the effect of the Financial Crisis on the respective GDP growth of those countries.


Asian GDP growth     
from 1996-97 (%),IMF    
Country
1996
May-97
May-98
              Change
Indonesia
9
7.4
-5.3
-12.4
Thailand
5.5
7
-3.1
-10.1
South Korea
7.1
6.3
-0.8
-7.1
Malaysia
8.6
7.9
2.5
-5.4
Philippines
5.7
6.4
2.5
-3.9
Singapore
6.9
6.1
3.5
-2.6
Hong Kong
4.9
5
3
-2
China
9.7
8.8
7
-1.8


Source : International Monetary Fund (IMF)


  1. Fiscal Imbalances

Fiscal imbalances refers to the difference between the negative balance of payment and the ability of a country to pay its debts.


Column1Column2Column3Column4Column5Column6
CountryCurrent A/C Balance Exports Annual (%)
      
 
1995
1996
 
1995
1996
Thailand
-7.9
-7.9
 
23.1
0.5
Indonesia
-3.3
-3.3
 
13.4
9.7
Malaysia
-10
-4.9
 
20.3
6.5
Philippines
-4.4
-4.7
 
28.7
18.7
Singapore
16.8
15.7
 
13.7
5.3
South Korea
-2
-4.9
 
30.3
3.7

Source : IMF

The above table shows the deterioration of the Exports and Current accounts. The table shows that while the current accounts deficits remains high, the exporting countries at the same time are experiencing a downturn in its export receipts. In South Korea and Thailand, their exports grew the least with only 3.7 and 0.5% respectively. This compared to 30.3 and 23.1% respectively a year earlier. Hence this represents a fiscal imbalance of reducing exports with persistently high current account deficits. In other words eventually export receipts will not be enough to pay for its current account deficits.

Due to the boom in the exports, there is a need of funds to finance its exports industry and other increase economic activity. At the time the liberalization of the Global Financial market provided a perfect avenue to source for external funds. However, eventually such borrowing will widen the current account deficits.

When a country’s current account deficits widened coupled with the drop in exports and an overvaluation of the currency due to the inflow of foreign funds, it will attract the attention of currency speculators. Currency speculators will eventually attack the domestic currency and the end result will be currency depreciation.  

The governments of the affected economies will try to defend its currency either by increasing the interest rates or using its foreign exchange reserves to prop up the currency. When they increase the interest rates it will eventually bring down the banking sector due to the increase cost of borrowing abroad. Eventually there will be a ‘reverse flow of funds’ from an inflow to outflow of foreign funds. With such outflow of funds it will result in a credit crunch and coupled with the high interest rate it will eventually bring down the real estate and banking sector.

The relationship between the balance of payment crisis and the banking crisis is much more evident nowadays due to the globalization of the financial industry. The following table shows the frequency of the crisis between banking and balance of payments.

Column1Column2Column3Column4Column5
 Frequency of Crisis   
Types of Crisis1970-79Avg/year1980-95Avg/year
     
Balance of payments
26
2.6
50
3.13
     
Banking
3
0.3
23
1.44
     



As can be seen from the above table, before 1980 the occurrence of crisis is more biased towards the Balance of Payments. Out of the total of 29 Crisis only 3 are banking crisis. However since the 1980s the total banking crisis rose to 23 out of 73. So we can deduce that somehow the modern day financial crisis may be caused by the relationship of both balance of payments and banking.

In other words a Banking crisis may predate a Balance of payment crisis and vice versa.

  1. Deterioration of Bank Balance Sheets

Since the factors affecting the Crisis are inter-related and when currency speculators sense there is a weak link between the various component of the economy like an over-valued currency, persistent high negative balance of payments and falling exports then there will be an opportunity to make big money by betting on a depreciation of the currency.

During the 1990s era most of the Central Banks in Asean pegged their currencies against the dollar. The short term benefits of such a move are creating a stable environment for the inflow of foreign investments and also no headaches on daily fluctuation of exchange rates. The disadvantage is that Central Banks will have to maintain the peg even at the expense of over-valuing their currencies.

Again when currency speculators found out that the central banks are maintaining an over-valued currency then they will be subjected to a speculative attack. Soon they will flood the market with massive sales of the currency and this will create a condition where supply outstrips demand and eventually the collapse of the currency. The central bank will first try to counter the move by selling the dollar and buying up the local currency. However with such massive sales of the local currencies by the speculators, central banks will soon used up their holdings of their foreign reserves. Once their foreign reserve is exhausted then currency devaluation will continue. Such a move will always fail because the foreign exchange market is not only unregulated but also it trades about $4 trillion a day. No central banks succeed in defending their currency this way.

Another avenue is to raise the domestic interest rates. By increasing the interest rates it not only helped to prevent further capital outflow but also encourage capital inflow. However such a move will have an effect on the bank’s balance sheet because of the higher cost of funds to obtain funds. If left unchecked it will eventually lead to the collapse of the weakened banking sector. If they don’t increase the interest rates then they will not be able to maintain the currency peg which will eventually collapse. In other words the Government and Central Banks are in between a rock and a hard place.

So how do Central Banks counter such a situation? In our next article we will explore how the Malaysian Government used its monetary policy tools to help it stem the onslaught.    

21 comments:

loaltoloan said...

Good day: you need an urgent loan to solve your financial needs, we
offer a range from $ 5,000.00 to $ 10,000,000.00 loan Max, we are
reliable, efficient, fast and dynamic, with a 100% guaranteed and we
also gives credit to (. euros, pounds and dollars) the interest rate
applicable to all payday loans (3%), if you are interested get back to
us through ( helpfiance@gmail.com ) with the information below: full
name: Country: Amount of the loan Address: Duration: Age: Gender:
Occupation: phone number: Thanks. I await your urgent response
Whats app +919971767157

loaltoloan said...


we offer loan to all
categories of seekers be it companies or for staff usage. We offer
loan at 3% interest rate, Contact us via Whats app +919205646839
mrwilliam751@gmail.com
LOAN SEEKERS APPLICATION FORM
******************************
1) Full Name:
2) Gender:
3) Loan Amount Needed:
4) Loan Duration:
5) Country:
6) Home Address:
7) Mobile Number:
8) Fax Number:
9) Occupation:
10) Monthly Income:
11) Salary Date:
12) Purpose of loan:
13) Where did you get our loan advertisement:

Mohamed Ali said...

$$$ GENUINE LOAN WITH 3% INTEREST RATE APPLY NOW $$$.
Do you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
Email: shadiraaliuloancompany1@gmail.com

LOAN APPLICATION DETAILS.
First Name:
Last Name:
Date Of Birth:
Address:
Sex:
Phone No:
City:
Zip Code:
State:
Country:
Nationality:
Occupation:
Monthly Income:
Loan Amount:
Loan Duration:
Purpose of the loan:
Email: shadiraaliuloancompany1@gmail.com


$$$ GENUINE LOAN WITH 3% INTEREST RATE APPLY NOW $$$.
Do you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
Email: shadiraaliuloancompany1@gmail.com

LOAN APPLICATION DETAILS.
First Name:
Last Name:
Date Of Birth:
Address:
Sex:
Phone No:
City:
Zip Code:
State:
Country:
Nationality:
Occupation:
Monthly Income:
Loan Amount:
Loan Duration:
Purpose of the loan:
Email: shadiraaliuloancompany1@gmail.com

Abubakar said...

Product Detail

Do you need a loan?
Does your firm, company or industry need financial assistance?
Do you need finance to start your business?
Do you need personal loan?
Loan for your home improvements
Mortgage loan
Debt consolidation loan
Commercial loan
Education loan
Car loan
Loan for assets.
Contact us today with for your loan request. abubakarloanservice@gmail.com
Phone number:+919818603391 (Call/Whats app)

Unknown said...



My name is Mr Frank. I live in USA I was in a big debt I explain to my Sister In-law who introduce me to a company called Power Loan Finance I apply A loan Yesterday I receive the Loan here in my bank today If anyone need a reliable person to get a Loan contact the company Via powerfinance9@gmail.com whatsApp Number +919717357946

Purva Pius said...

Hello Everybody,
My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.

Alta Finance LLC said...

LOAN OFFER!!!


You are welcome to Alta Finance LLC. We offer all kind of loan at an interest rate of 3% only. If you are finding it difficult to get a loan from your local bank or you are in need of quick funding for your Project, Business etc, contact us today. We give out the following loan services


- Financial Loan

- Real estate Loan

- Investment Loan

- Automobile Loan

- Consolidation debt

- Repurchase of credit

- Personal Loan

For more information, Please contact the email below:


Email: altafinancellcfunding@gmail.com
+1 702 602 2533 (Whatsapp or Text Only)
Thank you.

Mrs Rebecca said...

Attention

Sir/Madam.
Mega Loan Offer!!!

We offer loan from a minimum amount of 50,000.00 to 20 million Euros,Dollars & Pound-sterling at REBECCA WILLIAMS LOAN FIRM. Are you looking for loans for all kind of purpose,a Business Loan, Personal Loans, Mortgages, Car Loans, Debt Consolidation Loans, Unsecured Loans, Risk capital, etc. ..

You are well-come in the right place Your loan solutions! I am a private lender who lends Individuals and Businesses at a low interest rate and affordable Interest rate of 2%.

*If you are very serious as I am,we will have this transaction concluded with 7 Banking Working days from the date of start. We have Branches and Clearing Houses in some countries like:Turkey Branch,United Kingdom Branch,United States Branch,Japan Branch, Indonesia Branch and South Africa and others,

NOTE: 1 year minimum and 20 years maximum depending on the loan amount you need. Customers should be above the age of 35 This loan transaction is
100% guarantee for serious customers.

Contact Email: rebeccawilliamsloanfirm@gmail.com

Thank you.

Standard Online Finance said...

What are your Financial needs? We give out loans from a minimum of $5,000 to a maximum of $500,000,000.00 with comfortable duration that ranges from 1 to 30 years at a very reduced interest rate of 3%. Contact us via email: standardonlineinvestment@gmail.com
Thanks and look forward to your prompt reply.
Regards,
Muqse

Unknown said...

Do you need a loan for business start ups or personal loan or to pay for a home down payment ? I have a recommendation for anyone who need a loan today. Contact Steven Ryan finance where we got our loan. WhatsApp: +971529615981
Email: stevenryanfinance@gmail. com

Johnson Smith said...

GET YOUR BLANK ATM AND CREDIT CARD AT

AFFORDABLE PRICE
*We sell this cards to all our

customers and interested buyers

worldwide,
the card has a daily withdrawal limit

of $5000 and up to $50,000 spending
limit in stores and unlimited on POS.*
*email blankatm988@gmail.com
*you can also call or whatsapp us

Contact us today for more

enlightenment
+44(7440495540.

*BEWARE OF SCAMMERS AND FAKE HACKERS

IMPERSONATING US BUT THEY ARE NOT FROM
US CONTACT US ONLY VIA THIS CONTACT *
WE ARE REAL AND LEGIT...........2019

FUNDS/FORGET ABOUT GETTING A LOAN
*email blankatm988@gmail.com,OR

+447440495540, WHATSAPP ONLY. CONTACT

US NOW AND BE HAPPY FOREVER, WE

OPERATE ONLY TO ASSIST THE POOR AND

HOPELESS WORLDWIDE TO LIVE A GOOD LIFE

AND BECOME RICH FAMILY,AND BE ABLE TO

PAY THEIR DEPT AND START A GOOD

BUSINESS OF ANY AMOUNT.
THIS IS A DREAM COMES TRUE TO THE POOR AROUND THE WORLD.

Anonymous said...

PLEASE READ!!!! PLEASE READ!!!! PLEASE READ!!!! PLEASE READ!!!!

Hey Guys!!! My name is Mrs Maryann, I Am so happy I got mine from Johnson Smith. My blank ATM card can withdraw € 1,000 daily. I got it from Her last week and now I have €13,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it, it is not traceable and now i have money for business and enough money for me and my family to live on . I am really happy i met Mr Smith because i met two people before him and they took my money not knowing that they were scams. But am happy now. Johnson Smith sent the card through DHL and i got it in two days.
please everybody quickly rush now and get your own card from her now she is not like other scammers pretending to have the ATM card, She is giving it out for free to help people even if it is illegal but it helps a lot and no one ever gets caught. i'm grateful to Johnson Smith because she changed my story all of a sudden . The card works in all countries except, Mali and Nigeria. Mr Smith email address is : blankatm988@gmail.com or you can contact her through whatsapp +447440495540, contact him today and thank me later.

Edwin Schafer said...

เราเป็นนักลงทุนข้อเสนอทางการเงินบริการต้องบุคคลและธุรกิจ. รับรองว่าทางการเงินสนับสนุนสำหรับส่วนตัวกับเองธุรกิจวัตถุประสงค์ เราต้องพาป่วยอินดัสทกลับมามีชีวิตและพวกเราสนับสนุนที่ดีธุรกิจความคิดโดยที่ดูแลเงินทุนสำหรับพวกเขาเริ่มต้นขึ้น เราต้องเป็นเครือข่ายของนักลงทุนเต็มใจที่จะให้บุคคลและององค์กรที่กับเงินทุนของจำนวนมากจะเริ่มธุรกิจและปฏิบัติการ ของบริษัทที่ทำให้หลาย breakthroughs ในส่โลกเรียนด้านการเงินบริการเพื่อลูกค้าของเราโดยเฉพาะในสนามของเงินกู้ comment และเมืองหลวง provisioning ต้องบุคคลและธุรกิจทั่วโลก เราต้องการเข้าถึงและการเชื่อมต่อเพื่อเพิ่มจาก 10 พันยูโรต้อง 800 ล้านยูโรอและมากกว่านั้น ต้องการเร่งด่วนเงินกู้กับแม่เหรอ? คุณคุ้มลง? คุณต้องการกู้เงินจ่ายบิลของเธอหรือเพิ่มเรื่องของคุณ? เราเสนอทุกประเภทของกู้กับคนที่สามารถซื้อได้\n เช่นระเบีแผ่นงานแผ่นแรกของ 2%และกู้เงินระยะจาก 1 ถึง 40 ปีก่อนที่จะตอบแทนเงินอย่างปลอดภัยแล้วที่ไม่ปลอดภัย. (จักรวรรดิ์กู้)คือสุดท้ายองตอบคำถามเรื่องการเงินของคุปัญหา ไม่มีหลักประกันต้องการ ไม่ซ่อนข้อกล่าวหา ไม่มีรที่ซับซ้อนกระดาษทำงาน เราเป็นกลุ่มของมีประสบการณ์บัตรเครดิตกับผู้เชี่ยวชาญมาอยู่ในความลึกความรู้ทางการเงินของตลาด. ไม่ต้องเก็บเรื่องการเงินของคุปัญหากับตัวเองดังนั้นคุณยังไม่กลายเป็น debtor. ติดต่อพวกเราวันนี้เพื่อช่วยคุณให้เป็นอิสระจากการเงิน bondage. เรียก/ข้อความ+16312129029 อีเมล:(imperialincorporated1@gmail.com)

Unknown said...

CAPITAL LOANS LLC
We provide personal loans for debt consolidation, bad credit loans, secure loans, loans for bad credit and instant secured loans with cheap rates. Do you have a firm or company that need loan to start up a business or need a personal loan, Debt consolidation? We will provide you with loan to meet your needs.

Note: We offer the following loan services
*Commercial Loans.
*Personal Loans.
*Business Loans.
*Investments Loans.
*Development Loans.
*Acquisition Loans .
*Construction loans.
*Business Loans etc
For more information contact us through our Email: capitalloansllcfunding@gmail.com

PERFECT FINANCIAL said...


$$$ GENUINE LOAN WITH 3% INTEREST RATE APPLY NOW$$$
Do you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
Email:perfectfinancialcredite@gmail.com
LOAN APPLICATION DETAILS.
First Name:
Last Name:
Date Of Birth:
Address:
Sex:
Phone No:
City:
Zip Code:
State:
Country:
Nationality:
Occupation:
Monthly Income:
Loan Amount:
Loan Duration:
Purpose of the loan:
where did you hear about us;
Email:perfectfinancialcredite@gmail.com

Alta Finance LLC said...

EASY LOAN PROGRAM 
During these uncertain economic times, many people are finding themselves faced with a situation where they could use some financial assistance. Whether it be for an emergency, home improvement, consolidating debt or even a family vacation – a low interest personal loan is a safe and reliable way to meet your financial needs. At Alta Finance LLC, we specialize in Reliable and efficient Loan funding program. Contact us today using our company email: altafinancellcfunding@gmail.com or via text +1 702 805-0119

Mohammad Ismali said...

kesaksian nyata dan kabar baik !!!

Nama saya mohammad, saya baru saja menerima pinjaman saya dan telah dipindahkan ke rekening bank saya, beberapa hari yang lalu saya melamar ke Perusahaan Pinjaman Dangote melalui Lady Jane (Ladyjanealice@gmail.com), saya bertanya kepada Lady jane tentang persyaratan Dangote Loan Perusahaan dan wanita jane mengatakan kepada saya bahwa jika saya memiliki semua persyarataan bahwa pinjaman saya akan ditransfer kepada saya tanpa penundaan

Dan percayalah sekarang karena pinjaman rp11milyar saya dengan tingkat bunga 2% untuk bisnis Tambang Batubara saya baru saja disetujui dan dipindahkan ke akun saya, ini adalah mimpi yang akan datang, saya berjanji kepada Lady jane bahwa saya akan mengatakan kepada dunia apakah ini benar? dan saya akan memberitahu dunia sekarang karena ini benar

Anda tidak perlu membayar biayaa pendaftaran, biaya lisensi, mematuhi Perusahaan Pinjaman Dangote dan Anda akan mendapatkan pinjaman Anda

untuk lebih jelasnya hubungi saya via email: mahammadismali234@gmail.comdan hubungi Dangote Loan Company untuk pinjaman Anda sekarang melalui email Dangotegrouploandepartment@gmail.com

Anonymous said...

All thanks to Elegant loan firm for helping me secure a loan of $1,000,000.00 USD to establish my Foodstuff supermarket business in different places. I have been looking for a financial help for the past four years. But now, am completely stressed free all the help of the loan officer Mr Russ Harry. So, I will advise any person who seek for funds to improve his or her business to contact this great firm for help, and it is real and tested. You can reach them through- Email --Elegantloanfirm@Hotmail.com-  or Whats-app +393511617486.

Mohammad Ismali said...

kesaksian nyata dan kabar baik !!!

Nama saya mohammad, saya baru saja menerima pinjaman saya dan telah dipindahkan ke rekening bank saya, beberapa hari yang lalu saya melamar ke Perusahaan Pinjaman Dangote melalui Lady Jane (Ladyjanealice@gmail.com), saya bertanya kepada Lady jane tentang persyaratan Dangote Loan Perusahaan dan wanita jane mengatakan kepada saya bahwa jika saya memiliki semua persyarataan bahwa pinjaman saya akan ditransfer kepada saya tanpa penundaan

Dan percayalah sekarang karena pinjaman rp11milyar saya dengan tingkat bunga 2% untuk bisnis Tambang Batubara saya baru saja disetujui dan dipindahkan ke akun saya, ini adalah mimpi yang akan datang, saya berjanji kepada Lady jane bahwa saya akan mengatakan kepada dunia apakah ini benar? dan saya akan memberitahu dunia sekarang karena ini benar

Anda tidak perlu membayar biayaa pendaftaran, biaya lisensi, mematuhi Perusahaan Pinjaman Dangote dan Anda akan mendapatkan pinjaman Anda

untuk lebih jelasnya hubungi saya via email: mahammadismali234@gmail.comdan hubungi Dangote Loan Company untuk pinjaman Anda sekarang melalui email Dangotegrouploandepartment@gmail.com

Unknown said...

Are you a business man or woman? Are you in a financial mess or do You need funds to start your own business? Need to pay loans Their Debt or pay off your bills or start a nice business? Do you have a low credit score and you will find it hard to get Capital loan from local banks / other financial institutions? You need one Loan or funding for any reason such as:Email: philipvoorhees007@gmail.com
Whatsapp: +447862073672

*Personal Loans
*Commercial Loans
*Investments Loans
*Development Loans
*Consolidation Loans
*Student Loans
*Car Loans
*Mortgage Loans
*Acquisition Loans
*Construction loans

We offer loan at low interest rate of 3% and with collateral and not Collateral, we offer personal loans, debt consolidation loans, venture capital Capital, business loan, education loan, mortgage or Loans for any reason".
However, our method offers the possibility to specify the amount of the loan needed and also the duration you can afford it, gives you a real Chance get the funds you need!
Contact us via E-mail: philipvoorhees007@gmail.com
Whatsapp: +447862073672

Triumphant Finance Company Ltd said...


Are you looking for funds for your projects? We are a private lending firm that specialized in project funding and general financial service thus we offer worldwide loans at affordable interest rates. we do offer all types of loans from Personal loans, debt consolidation loans, business loans, real estate loans, Energy, Oil and Gas, Pharmaceuticals, Biotechnology, Emerging markets, Aviation, High-technology, communications, software, etc. Whereas our goal is to assist you with your immediate financial needs, as well as to develop a long term business relationship with you and your company. We are here to provide the best financial solution to help grow your business to its full potential. We pride ourselves in proven results by delivering a custom-tailored business solution to each of our clients. Feel free to contact us. Our rates are unbeatable and friendly, and our processes are very swift and time-sensitive! *We are open to all, if interested, kindly reply to us via email: triumphantfinanceltd@gmail.com Terms and Conditions apply