Malaysian currency peg to stay: Govt

Malaysian currency peg to stay: Govt

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