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.