Finance Minister Lim Guan Eng says while the US Treasury has included Malaysia into its expanded Monitoring List of Potential Currency Manipulator, the report does not name Malaysia as a currency manipulator. — Picture by Firdaus Latif
“In fact, the inclusion of Malaysia into the US Treasury’s Monitoring List along with other major trading economies like Germany, South Korea, Japan and Singapore only highlights the strength of the economy and the role played by Malaysia in the global economy,” he said in a statement here. The US Treasury’s three criteria for determining whether a country can be labelled a currency manipulator previously were a significant trade surplus with the United States, a sizeable current account surplus and evidence of one-sided, persistent currency intervention.
“Secondly, Malaysia has a healthy current account surplus of more than 2 per cent of its Gross Domestic Product ,” he said. Lim said Malaysia’s inclusion into the US Treasury’s Monitoring List has no impact on the Malaysian economy, with no penalties or sanctions imposed on Malaysia as the country did not fulfill the third requirement ― evidence of one-sided, persistent currency intervention.
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