KUALA LUMPUR, Sept 19 — Tun Dr Mahathir Mohamad’s proposal for Malaysia to reintroduce the currency peg his administration had imposed during the Asian Financial Crisis (AFC)...
KUALA LUMPUR, Sept 19 — Tun Dr Mahathir Mohamad’s proposal for Malaysia to reintroduce the currency peg his administration had imposed during the Asian Financial Crisis is regressive and unnecessary under the present circumstances, economists have said.
“The main objective [of pegging] is to stabilise the currency to retain the confidence of the people in the market, consumers, industries, households. In fact, the business industries are cognisant about this, if the currency weakens, they get money out of their export but what is most concerning is households.
“We should closely monitor the foreign exchange rate and always compare the ringgit to not just the US dollar, but with other currencies as well such as the Euro, British pound, Japanese Yen, Singapore dollar, which we will then realise our currency is not doing so badly as claimed,” he said., Dr Mahathir said “many people” believed the ringgit to be undervalued, and that its current depreciation was due to currency traders betting against the Malaysian note for profit.
“Hence pegging is not the answer to make our ringgit more competitive against the backdrop of such a phenomenon,” he said.
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