Firdausi Suffian says the peg to the US dollar will cost Malaysia its independence over monetary policy such as setting interest rates.
Former prime minister Dr Mahathir Mohamad recently suggested that the ringgit be pegged to the US dollar.
“So if the central bank wants to reduce interest rates to stimulate the economy, they would not be able to do so as they would be constrained by currency being pegged. Mahathir, who was then prime minister, imposed exchange controls and pegged the ringgit to a basket of currencies, chief among which was the US dollar.
Despite recurrent discussions about ‘de-dollarisation’, to move away from the US dollar as the world’s reserve currency, a credible alternative has yet to emerge, he said.
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