The prime minister speaks about his decision to impose the currency peg in 1998. FMTNews
June 25, 2019 1:43 PM
KUALA LUMPUR: Dr Mahathir Mohamad who was largely credited with battling the 1990s currency crisis by imposing a peg on the ringgit, today said he was inspired by policies implemented by China and Chile in dealing with the economic crisis two decades ago. The prime minister said his government was already convinced that the East Asian currency crisis in 1997 was the work of currency traders, and decided to impose the currency peg to stop speculation on the ringgit.“The two countries at that time did not allow their currencies to be traded and they became very stable.”“But in the end it was acknowledged by the World Bank that it was a good strategy to adopt, and that Malaysia recovered because of that.
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