Zeti Akhtar Aziz
Bank Negara Malaysia
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WHILE THE MARKET’S attention was focused on China’s revaluation of its currency, another Asian country reformed its exchange rate in a less eye-catching but equally successful manner. On July 21, Malaysia followed China’s lead and relaxed its fixed-rate regime, which had pegged the ringgit at M$3.8 to the US dollar, setting up in its place a managed floating-rate system. For the central bank, Bank Negara Malaysia, and its governor, Zeti Akhtar Aziz, the transition has proved to be smooth.
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