KUALA LUMPUR, Sept 12 — Former prime minister Tun Dr Mahathir Mohamad proposed today for Malaysia to reintroduce the currency peg his administration had imposed during the Asian...
KUALA LUMPUR, Sept 12 — Former prime minister Tun Dr Mahathir Mohamad proposed today for Malaysia to reintroduce the currency peg his administration had imposed during the Asian Financial Crisis, saying the move had worked then.
The former PM argued that Malaysia should not refuse to fix the ringgit’s value simply because it was against international norms, saying this refusal was effectively helping forex traders profit off the depreciation of the local currency. He conceded that his proposal would lead to problems, but countered by saying some of the experts who had helped Malaysia navigate the previous currency peg were “still around.”
At the height of the AFC in 1998, the first Mahathir administration pegged the value of the ringgit to RM3.80 to the US dollar in an effort to isolate the Malaysian economy from the financial instability sweeping over the region at the time.
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