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Malaysian Prime Minister Mahathir Mohamad accused George Soros and other currency traders of ruining Malaysia's economy with currency speculation. [28] Soros claims to have been a buyer of the ringgit during its fall, [29] having sold it short in 1997.
Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the US dollar, [16] but following the onset of the 1997 Asian financial crisis, the ringgit witnessed major dips to under 3.80 MYR/USD by the end of 1997 as a result of capital flight. [16]
The year 1997 saw drastic changes in Malaysia. There was speculative short-selling of the Malaysian currency, the ringgit . Foreign direct investment fell at an alarming rate and, as capital flowed out of the country, the value of the ringgit dropped from MYR 2.50 per USD to, at one point, MYR 4.80 per USD.
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This led to rating downgrades and a general sell off on the stock and currency markets. 8 July: 1997 Asian financial crisis: Malaysia's central bank intervenes to defend its currency, the ringgit. 21 July: 1997 Asian financial crisis: The Kuala Lumpur Stock Exchange (KLSE) Composite Index fell below 200 points 24 July
The Malayan dollar was issued by the Board of Commissioners of Currency, Malaya, with a hiatus during the Japanese occupation (1942–1945).. The Board of Commissioners of Currency, Malaya, came into being in October 1938 following the Blackett Report which recommended that the sole power of issuing currency for the various Malay States, including Brunei, and the Straits Settlements should be ...
Malaysian Prime Minister Mahathir Mohamad on Thursday mooted the idea of a common trading currency for East Asia that would be pegged to gold, describing the existing currency trading in the ...
1997–1998: Reformasi Movement ... Mahathir preferred more innovative measures to stabilize the currency and cushion the economy from further speculative measures ...