Ringgit won't be repegged

Ringgit won't be repegged

KUALA LUMPUR (Dow Jones): Malaysia has no intention of
altering the ringgit's peg to the dollar and the country will
remain competitive with this exchange rate, Finance Minister Daim
Zainuddin told finance ministers of the Association of Southeast
Asian Nations Saturday, a Malaysian official who declined to be
identified said.

The ringgit peg will remain in place based on the country's
fundamentals and to ensure certainty and predictability, Daim
said, according to the official.

Malaysia is confident its exports will remain competitive,
Daim added. Daim pointed to China, which hasn't revalued its
currency, despite the fact that many currencies in the region
have weakened against the dollar.

Aggregate trade accounts for more than 80 percent of gross
domestic product in most Asian countries. More than 50 percent of
Malaysian exports are comprised of electrical and electronic
goods, and manufacturers are feeling the pinch of slowing global
demand.