Pursuits
Malaysia Turns to 1998 Currency Peg Architect as Markets Bleed
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Prime Minister Najib Razak is taking a page out of the playbook of mentor-turned-nemesis, former premier Mahathir Mohamad. To stem a decline in confidence in Malaysia, he’s even tapping the expertise of Mahathir’s ringgit peg architect.
As a plunge in global financial markets this week deepened the ringgit’s slide and heightened comparisons with the Asian financial crisis, Najib unveiled an economic task force, echoing Mahathir’s National Economic Action Council in 1998. Members of Najib’s committee include business leaders and former Second Finance Minister Nor Mohamed Yakcop, who helped Mahathir design Malaysia’s now-abandoned capital controls and currency peg.