Ringgit in Soros-Like Selloff Reviving Memories of 1998 Crisis
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The ringgit’s steepest slide since 1998 is evoking memories of the clash between then-Prime Minister Mahathir Mohamad and hedge-fund manager George Soros.
The currency slid 3.8 percent against the dollar last week as central bank Governor Zeti Akhtar Aziz said Thursday foreign-exchange reserves will need to be rebuilt after they fell below $100 billion for the first time since 2010. She ruled out introducing a currency peg or capital controls, the solutions Malaysia turned to 17 years ago when faced with a tumbling exchange rate. Mahathir blamed foreign investors for the demise of the ringgit and labeled Soros a “moron” for his part in it.