KUALA LUMPUR -(Dow Jones)- Malaysia has no intention to re-peg the ringgit as the current position reflects the true value of the currency, Finance Minister Najib Razak said Monday.
He also reiterated that the government is maintaining its 2008 full-year growth forecast of 5.7%.
Economic growth in the second quarter fell to 6.3% on year from 7.1% in the preceding three months.
Economic growth in the second quarter fell to 6.3% on year from 7.1% in the preceding three months.
Malaysia also has limited exposure to the global financial market, Najib said at a press conference.
The Star daily quoted International Trade and Industry minister Muhyiddin Yasin as saying Sunday the government should study a recent proposal by former premier Mahathir Mohamad to re-peg the ringgit.
The Mahathir administration pegged the ringgit at 3.80 against the U.S. dollar to halt the rapid decline of the Malaysian currency at the height of the Asian financial crisis in September 1998.
The peg was removed in July 2005, and the currency has been trading in a " managed float" since.
The peg was removed in July 2005, and the currency has been trading in a " managed float" since.
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