Malaysia turns to 1998 currency peg architect as markets bleed
Kuala Lumpur
PRIME MINISTER Najib Razak is taking a page out of the playbook of mentor- turned-nemesis, former premier Mahathir Mohamad. To stem a decline in confidence in Malaysia, he's even tapping the expertise of Dr Mahathir's ringgit peg architect.
As a plunge in global financial markets this week deepened the ringgit's slide and heightened comparisons with the Asian financial crisis, Mr Najib unveiled an economic task force, echoing Dr Mahathir's National Economic Action Council in 1998. Members of Mr Najib's committee include business leaders and former second finance minister Nor Mohamed Yakcop, who helped Dr Mahathir design Malaysia's now-abandoned capital controls and currency peg.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons
BOE reports record usage of short-term liquidity repo
Philippines central bank not seeing rate hike despite peso weakness: finmin