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.