AGL 39.50 Decreased By ▼ -0.50 (-1.25%)
AIRLINK 128.00 Decreased By ▼ -1.06 (-0.82%)
BOP 6.83 Increased By ▲ 0.08 (1.19%)
CNERGY 4.70 Increased By ▲ 0.21 (4.68%)
DCL 8.50 Decreased By ▼ -0.05 (-0.58%)
DFML 41.40 Increased By ▲ 0.58 (1.42%)
DGKC 82.80 Increased By ▲ 1.84 (2.27%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 73.94 Decreased By ▼ -0.49 (-0.66%)
FFL 11.91 Increased By ▲ 0.17 (1.45%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.48 Increased By ▲ 0.73 (5.31%)
KEL 5.23 Decreased By ▼ -0.08 (-1.51%)
KOSM 7.62 Decreased By ▼ -0.10 (-1.3%)
MLCF 38.85 Increased By ▲ 0.25 (0.65%)
NBP 64.15 Increased By ▲ 0.64 (1.01%)
OGDC 194.00 Decreased By ▼ -0.69 (-0.35%)
PAEL 25.55 Decreased By ▼ -0.16 (-0.62%)
PIBTL 7.38 Decreased By ▼ -0.01 (-0.14%)
PPL 155.00 Decreased By ▼ -0.45 (-0.29%)
PRL 25.90 Increased By ▲ 0.11 (0.43%)
PTC 17.91 Increased By ▲ 0.41 (2.34%)
SEARL 82.45 Increased By ▲ 3.80 (4.83%)
TELE 7.77 Decreased By ▼ -0.09 (-1.15%)
TOMCL 33.30 Decreased By ▼ -0.43 (-1.27%)
TPLP 8.52 Increased By ▲ 0.12 (1.43%)
TREET 16.60 Increased By ▲ 0.33 (2.03%)
TRG 56.89 Decreased By ▼ -1.33 (-2.28%)
UNITY 27.55 Increased By ▲ 0.06 (0.22%)
WTL 1.38 Decreased By ▼ -0.01 (-0.72%)
BR100 10,539 Increased By 94.2 (0.9%)
BR30 31,327 Increased By 137.8 (0.44%)
KSE100 98,342 Increased By 543.5 (0.56%)
KSE30 30,678 Increased By 197.4 (0.65%)

Malaysia's finance minister will decide after a briefing on Monday if the ringgit will be re-pegged, to reduce the impact of the weakening US dollar on the currency, a top minister said Sunday.
Second Finance Minister Nor Mohamed Yakcop said the issue will be raised at a briefing with the newly appointed Finance Minister Najib Razak, state Bernama news agency reported.
"Various issues would be presented at the briefing including the economic situation, finance and the challenges faced in Malaysia and in the international arena," Nor Mohamed said, according to Bernama.
Former premier Mahathir Mohamad had called for the ringgit to be re-pegged, saying stabilising the exchange rate could cushion the impact of the global economic slowdown on the country, the Star newspaper quoted him as saying on Sunday.
"We shouldn't float the currency. The country would lose money if the currency is vulnerable to external forces," he said.
Malaysia banned offshore trading of the ringgit and pegged the currency at 3.80 to the US dollar in 1998, during Mahathir's tenure, to restrict currency speculation during the financial crisis which ravaged East Asian economies.
The peg was removed in July 2005 for a managed float against a basket of currencies and the ringgit has appreciated steadily since then.
On Friday, the ringgit closed at 3.4570/4620 against the US dollar. Trade Minister Muhyiddin Yasin backed Mahathir's call, saying some of the pegging mechanisms adopted in 1998 could be revisited to protect the economy.

Copyright Agence France-Presse, 2008

Comments

Comments are closed.