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Malaysia says no plan to re-peg ringgit

By Sunday September 21st, 2008 No Comments

PUTRAJAYA, Malaysia: Malaysia’s new finance minister said Monday the government has no plans to re-peg the country’s currency, ringgit, and will let the market determine its value.

“I wish to categorically state that we have no intention to re-peg the ringgit, now or in the future,” Deputy Prime Minister Najib Razak, who took over the finance ministry on Friday, told reporters.

He was commenting on a proposal by former Prime Minister Mahathir Mohamad that the government should consider pegging the currency to prepare for economic uncertainties caused by the global financial crisis.

Najib said the government is “committed to allow the market to determine the value of the ringgit.”

Read the whole story from AP in the IHT

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