Malaysian currency peg to stay: Govt

Fri, 26 Nov 2004, 00:00 WIB | Source: AFP

KUALA LUMPUR: Malaysia has no immediate plans to drop or
modify its currency peg to the U.S. dollar, International Trade
and Industry Minister Rafidah Aziz said on Thursday.

Reacting to widespread speculation that the government might
move to a managed float system by June next year, she implied
that a simple adjustment in the pegged rate of 3.80 ringgit to
the dollar was more likely if any change was to be necessary.

"When the number is no longer appropriate in the context of
Malaysian competitiveness, the government would make a necessary
change," she was quoted as saying by the official Bernama news
agency. "At this point of time, as I speak now, there seems to be
no reason to make that change to that number," she added. -- AFP

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