Malaysia: Selected Issues

Author: International Monetary Fund

This Selected Issues paper analyzes the use of capital controls and evolution of the capital control regime in Malaysia. The paper highlights that following a period of strong downward pressures on the ringgit, the Malaysian authorities introduced on September 1, 1998 a wide range of capital controls along with pegging the exchange rate at RM 3.8 vis-à-vis the U.S. dollar. The paper provides a brief review of Malaysia's approach to capital account liberalization prior to September 1998. It also reviews the circumstances surrounding the imposition of the controls in September 1998, and their impact.

Volume/Issue: Volume 1999 Issue 086

Publication date: September 1999

ISBN: 9781451828306

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Business and Economics , Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , Malaysia , exchange rate , ringgit , federal government , bank , private sector , federal government budget , states expenditure responsibility , banking system , export elasticity , government task , investment program , Exchange rates , Inflation targeting , Exchange rate flexibility , Corporate sector , East Asia , Asia and Pacific , Global

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Summary

This Selected Issues paper analyzes the use of capital controls and evolution of the capital control regime in Malaysia. The paper highlights that following a period of strong downward pressures on the ringgit, the Malaysian authorities introduced on September 1, 1998 a wide range of capital controls along with pegging the exchange rate at RM 3.8 vis-à-vis the U.S. dollar. The paper provides a brief review of Malaysia’s approach to capital account liberalization prior to September 1998. It also reviews the circumstances surrounding the imposition of the controls in September 1998, and their impact.