World Economy

No Plans to Peg Ringgit

No Plans to Peg RinggitNo Plans to Peg Ringgit

The Malaysian government has no plans to peg the ringgit against the US dollar to address its depreciation, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, Bernama reported. He said the government expected the ringgit would stabilize given the fact that Malaysia’s economic fundamentals remain strong. “I think the (ringgit) will stabilize based on all our studies,” he told a press conference after officiating the Tanjong Karang Umno division delegates conference in Kuala Lumpur Saturday. Ahmad Husni said this when asked to comment on calls by certain quarters for the ringgit to be pegged to address its plunge in value as oil prices tumbled to below $50 a barrel.