Malaysia not to peg ringgit to USD: PM

          Source: Xinhua| 2018-01-23 15:32:09|Editor: Jiaxin
          Video PlayerClose

          KUALA LUMPUR, Jan. 23 (Xinhua) -- Malaysian Prime Minister Najib Razak said Tuesday that the country will not repeat measure of pegging its currency to the U.S. dollar, highlighting his confidence in the Malaysian economy as the general election is drawing near.

          "We have made it very clear that we would never repeat that measure (pegging the ringgit to U.S. dollar), trusting that while there may be short term fluctuations, in longer term the level of the ringgit would reflect the strength of the Malaysian economy," Najib said when delivering his keynote speech in a conference.

          In an effort to protect the Malaysian economy from external vulnerabilities and restore financial stability during the Asian financial crisis in 1997/98, selective exchange controls were imposed by the Malaysian central bank in September 1998. These measures were followed by the fixing of the ringgit exchange rate at 3.80 to the U.S. dollar. The peg was removed in July 2005.

          Najib said that the currency pegging was a heavy cost for Malaysia as the investors and global markets lost confidence in Malaysia when the pegging was far too long.

          "It took a long time to win that (investors and global markets) back," he said, adding that the move would be an unlimited disaster for Malaysian economy and Malaysian prosperity.

          Najib also highlighted that the ringgit appreciated 10.4 percent against the U.S. dollar last year, reflecting positive outlook of the economy.

          "The rise may have been partially underpinned by the recovery in crude oil prices, but it also indicates positive sentiment among investors and a recognition of Malaysia's excellent economic and financial fundamentals," he added.

          Earlier this month, the ringgit broke the 4.00 psychological level against the U.S. dollar.

          TOP STORIES
          EDITOR’S CHOICE
          MOST VIEWED
          EXPLORE XINHUANET
          010020070750000000000000011100001369180401
          无码人妻一区二区三区四区av_亚洲精品911在线永久观看_精品一区二区国产在线观看_日韩不卡一区二区视频在线

                  亚洲国产第一视频不卡 | 婷婷久久综合九色综合 | 亚洲第一网站a√在线观看 午夜福利网站你懂得 | 欧美日韩亚洲综合在线观看 | 亚洲欧美综合人成在线观看 | 午夜性色福利免费视频在线观看 |