Currency
The only legal tender in Malaysia is the Malaysian Ringgit. As of 20 March 2008, the Ringgit is traded at MYR 3.18 at the US dollar. The Ringgit has not been internationalised since September 1998, an effect due to the 1997 Asian Financial Crisis in which the central bank impose capital controls on the currency. As a part of series of capital controls, the currency was pegged between September 1998 to 21 July 2005 at MYR 3.80 to the dollar. In recent years, Bank Negara Malaysia beginning to relax certain rules to the capital controls although the currency itself is still not traded internationally yet. According to the Bank Governor, the Ringgit will be internationalised when it's ready.
On September 2010, in an interview with CNBC, Dato' Seri Najib Tun Razak, which is the Prime Minister of Malaysia and also the Finance Minister said that the government is open to open up the Ringgit to off shore trading if the move will help the economy. He further added that before such a move to be made, it will ensure that rules and regulation will be in place so the currency will not be abused.
Read more about this topic: Northern Corridor Economic Region
Famous quotes containing the word currency:
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