"We announce we are moving to a managed float with immediate effect," central bank governor Zeti Akhtar Aziz told reporters. "It will be against a basket of currencies. It will have a positive effect on the economy." Zeti declined to give an estimate of the new value of the ringgit, reports sai
Bank Negara Malaysia announced on Thursday 21 July that it is scrapping the ringgit's seven-year old peg to the dollar and moving to a managed float against a basket of currencies with immediate effect.