Draft on currency rules

Draft on currency rules

KUALA LUMPUR (Reuters): Malaysia has completed a draft on
regulating currency trading for discussion between ASEAN members
before submission to the International Monetary Fund (IMF), the
national Bernama news agency said on Saturday.

It quoted Deputy Finance Minister Affifuddin Omar as saying
the draft would be fined-tuned at a deputy finance ministers'
meeting of the Association of South East Asian Nations (ASEAN) in
Manila next week.

The draft will then be presented at December's ASEAN finance
ministers meeting in Kuala Lumpur.

The proposed regulations governed hedge fund activities and
the need for transparency in currency trading, he told reporters
after opening a seminar at a university in north Malaysia. He did
not give further details.

Affifuddin said central bank Governor Ahmad Mohamed Don would
present the draft to other ASEAN member countries for their
views.

Malaysia has been calling for trading rules to be imposed on
international currency dealings after Southeast Asian currencies
and stock markets were undermined by a massive selloff since
July.