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Govt likely to lift ringgit offshore trading ban in three years


January 16, 2008

Govt likely to lift ringgit offshore trading ban in three years

Malaysia is likely to lift the ban on ringgit offshore trading in three years, said Standard Chartered Bank's senior foreign exchange strategist, Thomas Harr.

He said the lifting of the ban was not going to be a top issue this year.

"It is going to be the next two or three years as the government and Bank Negara Malaysia have given signals on the matter," he told reporters at the bank's Global Research Briefing 2008 here today.

Malaysia banned offshore trading of ringgit in 1998 and pegged the currency to the US dollar as regional currencies collapsed during the Asian financial crisis.

The ban is the only capital control left.

"We think probably this year is a little bit too early. Definitely the Malaysian government is moving to internationalise the ringgit but we think it will likely happen when the ringgit touches RM2.23 to the US dollar," he said.

Courtesy Bernama

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