Malaysia scraps ringgit peg to the dollar

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.

"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

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