No peg for ringgit, fuel-price decision on Wednesday
PUTRAJAYA, MON:
Finance Minister Datuk Seri Najib Razak said the ringgit will not be re-pegged, citing the government’s commitment to let market forces determine the currency's level.
The ringgit is currently in a managed float against a basket of currencies.
Najib, who is also the Deputy Prime Minister, said the Cabinet will on Wednesday decide on the price of fuel at the pump.
Malaysians are expecting the government to further reduce the price after the global crude oil dipped below US$100 (RM349) per barrel, compared with the high of US$147 in July.
On Aug 23, the government reduced the price of petrol by 15 sen, from RM2.70 to RM2.55.
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