Say What!!!!

Well news sources on the web seems to confirm. from JeffOOi’s blog to Rajan rishyakaren’s webblog to Google’s news

Financial Express of India has this to report:

KUALA LUMPUR, JULY 21:  Malaysia on Thursday announced that it
will unpeg the country’s currency, the ringget, from the US dollar and
replace it with a managed float. The annoucement follows a simliar move
by

China.
“Changes in the international and regional financial and economic
environment have made it important for Malaysia to have a stable
exchange rate against its major trading partners, in particular, the
regional countries,” the central bank, Bank Negara, said in a
statement. The bank said the ringgit, which had been fixed at 3.8 to
the dollar since the horrific Asian financiall crisis 1998, will be
allowed “to operate in a managed float” with immediate affect.

Its value will be determined by economic fundamentals, the statement said.

Well…for us in Canada….this is superb news!!!! hope the Ringgit will appreciate to 3.70 or better…I doubt it would go higher than that. Well…controlled float….guess its better than no float at all….btw…check on the web led to this new word AP-rent-his…..if you’re not following the fiasco back home…shoot yourself on the late….it’s on the front cover on all major newspapers.

Ouvre

P.S:Swami…so u now know who she is eh…?

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