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Drumbeat: Ad Buzzaar
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Sunday, June 28, 1998
Ringitt still flowing out
REUTERS
KUALA LUMPUR, June 27: Malaysia's prime minister Mahathir Mohamad said on Saturday there was still an outflow of the ringgit to other countries despite a decline of interest rates overseas, the National Bernama news agency reported."I don't know why but in the end, we emerge losers because the money would be used for currency trading and in turn we are helping them (currency traders) to depreciate the value of the ringgit," he told a press conference after opening the ruling coalition member Gerakan party's annual conference. Malaysia is facing possible recession due to a regional financial crisis that erupted last July and has caused both the ringgit and stock prices to decline sharply. The government has stopped several large projects, cut its expenditure and urged citizens to spend less overseas and bring their funds back. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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