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Tun Dr. Mahathir suggested that the government should once again peg the RM to the US dollar!
According to a message from former Prime Minister Tun Mahathir Mohamad, the Malaysian currency fluctuates sharply against the US dollar because the value of the Malaysian currency fluctuates and is not guaranteed by the government. Tun Mahathir suggested the government to implement the policy of pegging the RM to the USD again to stabilize the movement of the RM.
The pegging of the RM to the US dollar was introduced in 1998 when Tun Mahathir Mohamad was the Prime Minister at the time, and the peg was set at RM80 cents to US$1. The peg was in place until 2006. At one point in January 1998, the ringgit fell to RM4.88 cents to the US dollar.
According to the National Bank’s data as of 5pm on May 11, the exchange rate of RM4.3825 to the US dollar, RM3.1559 to the Singapore dollar, RM12.6781 to 100 baht and RM0.6525 to the Chinese yuan.
The National Bank has announced an increase in the Overnight Policy Rate (OPR) from 1.75% to 2.00% on May 11. The move to raise the overnight policy rate is expected to stabilize the exchange rate of the RM.
