----- Original Message -----
From: Gold Anti-Trust Action Committee
To: [EMAIL PROTECTED]
Sent: Saturday, January 27, 2007 10:26 AM
Subject: [GATA] Malaysia shifts away from dollar, prime minister says
Malaysia shifts away from dollar, prime minister says
Submitted by cpowell on 08:26AM ET Saturday, January 27, 2007. Section: Daily
Dispatches
By John Fraher and Adrian Cox
Bloomberg News Service
Saturday, January 27, 2007
http://www.bloomberg.com/apps/news?pid=20601170&sid=avaFUiaR9Dpo&refer=h...
Malaysian Prime Minister Abdullah Ahmad Badawi said his country has shifted
some of its $82 billion of currency reserves away from the dollar and that
potential foreign-exchange volatility may hurt exporters.
"We're concerned for the reason that the high percentage of our international
trade is in U.S. dollars," Abdullah said today in an interview in Davos,
Switzerland at the annual meeting of the World Economic Forum. When asked
whether Malaysia will cut its dollar holdings, he said: "We have already. We'll
continue to watch the situation."
Abdullah's comments reflect concern that lopsided trade flows between the U.S.
and the rest of the world will weaken the dollar. The U.S. currency has dropped
6 percent against the euro in the past year. Kuwaiti Finance Minister Bader
al-Humaidhi said on Jan. 24 that the third-largest Arab oil producer may
abandon the dinar's peg against the dollar in favor of a basket.
Malaysia's central bank abandoned a peg to the dollar in July 2005 and manages
it against an undisclosed basket of currencies. The ringgit has advanced 0.7
percent against the dollar this year, climbing to a nine-year high this month
and trailing only the Icelandic krona as the world's best performing currency.
"Overdependence on one currency can create a problem, the dollar or any other
currency," said Abdullah. He declined to comment further on the country's
foreign exchange policy or his favored currencies.
Central bank Governor Zeti Akhtar Aziz in November declined to comment on
whether Malaysia was diversifying its reserves.
Abdullah also called on U.S. and European ministers meeting in Davos today to
unblock stalled World Trade Organization talks on dismantling trade barriers.
"The U.S. and the Europeans have a very important role to play," he said. "A
lot of things are stuck here because of these giants. If we can't have it
globally, then people do it bilaterally or multilaterally."
* * *
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