Asia must be on guard for speculators

Asia must be on guard for speculators

KUALA LUMPUR (Reuters): Malaysian Deputy Prime Minister Anwar Ibrahim said Asian countries must act to protect the region from currency speculators and manipulators, local media reported on yesterday.

He said the governments of the countries most affected by currency depreciation in recent months should continue to push for a fairer currency trading and monetary system, the reports said.

Speaking at a dinner in honor of visiting Indonesian Vice- President B.J. Habibie on Saturday, Anwar also said Asian countries experiencing economic troubles should not be left to the mercy of external forces.

He said these countries should be given the freedom to chart their own course and that of the region.

Anwar said that although Indonesia was doing its best to overcome its economic problems, the media continued to portray the country negatively.

In his speech, Habibie agreed that the media did not present a fair picture of the economic problems in Indonesia.

"I am branded as a pro-German, anti-Christian and anti- Chinese, all of which are untrue," he was quoted by the New Straits Times newspaper as saying.

Habibie said Indonesia was confident it would emerge from its problems soon and was working towards that end.

Habibie, who is on an overnight visit to Malaysia, will meet Malaysian Prime Minister Mahathir Mohamad later on Sunday before flying to London for the second Asia-Europe Meeting scheduled for Thursday through Saturday.