Mahathir says currency crisis can be managed<\/p>\n
KUALA LUMPUR (AFP): Malaysian Premier Mahathir Mohamad said
\nyesterday the country can weather the attack on its local
\ncurrency and urged his countrymen not to despair as he took
\nanother swipe at foreigners he blames for the country's problems.<\/p>\n
The government was gathering information on the impact of the
\nringgit's depreciation and the stock market's fall on the economy
\nand the people, he was reported as saying in Montevideo by
\nMalaysia's official Bernama news agency.<\/p>\n
\"We can overcome this problem if we are disciplined and know
\nhow to adjust ourselves,\" Mahathir told Malaysian journalists
\ncovering his visit to Uruguay.<\/p>\n
Business people who were worried about the developments in the
\ncountry should look at the government's track record in
\ndeveloping the country and enabling them to become rich, he said.<\/p>\n
Mahathir said Malaysia had weathered other economic problems
\nbefore, citing a 1973 crisis due to soaring oil prices and a
\nrecession in 1985-86.<\/p>\n
\"We can overcome all these even though people say we are
\nstupid and do not know how to administer the country and should
\njust follow them.\"<\/p>\n
\"They say, there must be herd instinct ... in the present
\nworld, we must follow the groups like buffaloes. I feel no need
\nto follow, to the extent of becoming buffaloes,\" he added.<\/p>\n
Asked about the reaction of the international community to his
\nrecent speeches which were regarded as provocative, especially
\nhis calls to ban currency trading, Mahathir said every time he
\ndelivered a speech, there would be pressure on the ringgit.<\/p>\n
\"The question is whether we have to bow to their pressure.
\nWhat is the meaning of independence or democracy if leaders
\nelected democratically have to idolize foreigners?\" he said.<\/p>\n
The Malaysian leader refuted claims that the turmoil roiling
\nMalaysia and other Southeast Asian nations were due to weak
\neconomic fundamentals.<\/p>\n
\"This is not a question of fundamentals. This is a question of
\npressure ... the question of getting money from those who have
\nmoney,\" he said.<\/p>\n
\"If (you) have no money, they won't disturb. Those who do not
\nhave money now, when they make progress in the future, will face
\nthe same pressure (as us),\" he added.<\/p>\n
Mahathir said Malaysia would not idolize foreigners as it has
\nworked too hard to \"redeem our integrity and to get independence
\nfor our country.\"<\/p>\n
\"Do we want to surrender our integrity and independence just
\nlike that?\"<\/p>\n
Mahathir said Malaysia will continue to voice its opinion at
\ninternational forums, whether they \"may or may not be effective.\"<\/p>\n
On suggestions that many Third World countries supported
\nMalaysia but did not dare speak up, Mahathir said: \"We should not
\nbe angry with them as they are indebted to certain parties and
\nhence, their hands are tied.\"<\/p>\n
He stressed that Malaysia needs to overcome its problems on
\nits own by exercising discipline and implementing proper
\nmeasures.<\/p>\n
The government would not be influenced by what outside forces,
\nespecially comments that his speeches were useless and caused
\nproblems for others, the premier added.<\/p>\n
Malaysia has come under market pressure to put its economy in
\norder after the ringgit eroded more than 30 percent against the
\nU.S. dollar while the stock market lost about one-third in
\ncapitalization since July amid a regional currency turmoil set of
\nby the devaluation of the Thai baht.<\/p>\n
Mahathir had first floated the forex exchange trading ban idea
\nat the annual meetings of the World Bank and International
\nMonetary Fund in Hong Kong last month, which spooked financial
\nmarkets.<\/p>\n
During a visit to Chile on Wednesday, he again renewed a call
\nfor a ban on currency trading, causing the ringgit to hit a new
\nrecord low of 3.4080 against the U.S. dollar.<\/p>",
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