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Malaysia's ringgit moves evoke 1998 comparison

KL's attempts to cajole traders to stop selling down its plunging currency remind investors of earlier measures
Tuesday, November 22, 2016 - 05:50

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After the ringgit plunged to a record 4.885 per dollar in 1998, then-prime minister Mahathir Mohamad imposed restrictions including a peg at 3.8 per dollar and a ban on offshore trading in the currency. The peg was eventually scrapped in 2005.

Kuala Lumpur

MALAYSIA's attempt to cajole currency traders to stop selling down its plunging ringgit is evoking memories of 1998 capital controls among global banks - a comparison policymakers were quick to discourage.

RBC Capital Markets and Brown Brothers Harriman said investors

sentifi.com

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