Friday, August 21, 2015

Malaysia will not peg

Malaysian government has no intention to adopt a fixed exchange rate though ringgit has reached a historically low against the U.S. dollar, according to Malaysia's Second Finance Minister Ahmad Husni Mohamad Hanadzlah.

The minister said lately that the government predicts that ringgit will gradually be stable because the underlying fundamentals of Malaysia's economy remain sound.

Singapore dollar and Indonesia rupiah have also been facing the challenges of devaluation, he said.

He stressed that the public should take a positive attitude towards the hardship the country is facing in economic development.

Source : Xinhuanet

They don't want to peg is fine, but what are the measures taken to reduce the dollar rate? Are they going to suggest Malaysian's to buy Malaysian made products and support local agriculture etc, without realizing, the government has so much internal crisis to handle.

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