Malaysia's control to stay

Malaysia's control to stay

KUALA LUMPUR (AP): Malaysia's prime minister said his
government will not dismantle currency controls imposed last year
as long as world economies do nothing to curb currency
speculation, news reports said Saturday.

The tough measures, introduced last September, effectively
halts offshore trading of its currency, the ringgit. It also
places curbs on taking money in and out of the country.

"The controls will remain in place until the international
community devises a new financial regime which curbs the
activities of currency traders," Prime Minister Mahathir Mohamed
was quoted as saying by the state-controlled New Straits Times
daily.

Mahathir said the chances of recovery had been made brighter
by his policy of shielding the economy from currency traders,
whom he blames for wrecking Southeast Asian economies over the
past 18 months.