Re-peg The Ringgit: Dr M

should we repeg our ringgit? kali ni kalau repeg maybe at lower level la kan compared to last time at 3.8000 aku tak sure lah how it works bila repeg ni ..tapi kalau tak peg jenuh jugak bank negara asyik nak intervene kalau ringgit weaken kan..dah berapa byk tuu

ALOR STAR: Former Prime Minister Tun Dr Mahathir Mohamad said Malaysia should re-peg the ringgit to relieve pressure from the global economic crisis.
Stabilising the exchange rate would be one measure the Government could take immediately, suggested Dr Mahathir, also a former finance minister.

Malaysia has the capacity to determine the value of the ringgit because it has sufficient foreign currency and substantial savings, with the Employees Providence Fund alone holding more than RM200bil in its coffers.

“We shouldn’t float the currency. The country would lose money if the currency is vulnerable to external forces,” he said at a press conference after presenting a keynote address at a national-level seminar on Development of Higher Learning Institute on Saturday.

He was asked on what advice he had for newly appointed Finance Minister Datuk Seri Najib Tun Razak to cushion the impact of the economic slowdown in developed countries on Malaysia.

He said if Malaysia could strengthen the value of the ringgit by 10% (by pegging the ringgit to the US dollar), the import value should depreciate by 10%.
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