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Tuesday, July 26, 2005

Briefs: Malaysia will allow currency to find its level against dollar - Business - International Herald Tribune

Briefs: Malaysia will allow currency to find its level against dollar - Business - International Herald Tribune The International Herald Tribune

Briefs: Malaysia will allow currency to find its level against dollar
The New York Times, Reuters, Bloomberg News, The Associated Press
MONDAY, JULY 25, 2005

Malaysia will allow currency to find its level against dollar

Malaysia has no plans to limit swings in the value of its currency after the government removed its peg to the dollar, but the central bank will intervene if there is "undue volatility," the deputy finance minister, Nor Mohamed Yakcop, said Sunday.

The government will also maintain a ban on offshore trading of the ringgit to deter currency speculators and help stabilize the currency, Nor Mohamed said.

He said the central bank would step in to "make sure that there is stability, that there is no undue volatility in any single period. The central bank is very well-equipped to do it." (AP)

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