Banks laud move to operate in managed trade regime

THE Association of Banks Malaysia (ABM) welcomes the Government’s decision to allow the ringgit to operate in a managed float regime, dismantling the ringgit-dollar peg regime that had been in place for almost seven years since Sept 2, 1998. 

“Although Bank Negara did not disclose the trading band against the US dollar, we do not expect to see significant movements of the ringgit vis-a-vis the US dollar in the near term as the value of the ringgit will be maintained against a trade-weighted index of Malaysia’s major trading partners and not anchored to just single currency,” its chairman Dr Rozali Mohamed Ali said in a statement yesterday.