Bank Negara To Return Ringgit Peg But Strengthening Pressure Mounts

Bank Negara, Malaysia’s central bank, said on March 30 that it believed the ringgit was between 6 per cent and 8 per cent overvalued. However, it said that it could see no compelling reason for it to adjust its 19-month-old currency peg.

The ringgit was pegged to the dollar at MYR3.80/$ as part of capital controls to stem short-term flows during the second wave of the Asian crisis in 1998.

Analysts had expected that Bank

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