January 23, 2018 / 2:39 AM / 3 months ago

Malaysia will "never" again peg ringgit against dollar - PM Najib

KUALA LUMPUR, Jan 23 (Reuters) - Prime Minister Najib Razak on Tuesday said Malaysia will not peg the ringgit currency against the U.S. dollar, and that the government will focus on lowering the deficit.

“We have made it very clear that we would never repeat the measure (pegging ringgit to the dollar), trusting that while there may be short term fluctuations, in the longer term the level of the ringgit would reflect the strength of the Malaysian economy,” Najib said at a conference in Kuala Lumpur.

He also it was essential for Malaysia to keep the fiscal deficit down, and to keep government debt below a self-imposed level of 55 percent of gross domestic product.

Reporting by Praveen Menon; Editing Simon Cameron-Moore

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