CIMB Group chairman Datuk Seri Nazir Razak says the ringgit should not be pegged to the US dollar.
KUALA LUMPUR: CIMB Group
chairman Datuk Seri Nazir Razak says the ringgit should not be pegged to the US dollar.
He said on Monday that pegging the ringgit would have a longer-term effect and the conditions are also different than the Asian Financial Crisis of 1997-1998.
Last week, says Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said there was still no need to peg the ringgit despite the continued downtrend of the local unit.
The ringgit has fallen about 20% against the US dollar year-to-date and it was the worst performing Asian currency.
At 2.21pm, it was at 4.3890 to the greenback – from 3.4973 as at end-2014.
On the US Federal Reserve’s monetary policy decision, Nazir said the Fed should raise the rates to remove the overhang in the market.
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