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Malaysia says no to Ringgit re-peg

PUTRAJAYA, 22 Sept 2008: Malaysia will not re-peg the Ringgit, Deputy Prime Minister and Finance Minister Datuk Seri Najib Tun Razak said today.

"We are confident of the Ringgit’s position and it reflects the real value of the currency," he said in his first meeting at the Finance Ministry.

At 9.08am, the ringgit was higher at 3.4120/4170 against the greenback’s close of 3.4570/4620 on Friday.

Former Prime Minister Tun Dr Mahathir Mohamad had on Saturday suggested that the exchange rate should be fixed again to cushion the impact of the weakening dollar against other currencies.

Najib, who was previously Defence Minister, swapped portfolios with Prime Minister Datuk Seri Abdullah Ahmad Badawi on 17 Sept. – Bernama

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