He reasoned that "Malaysia's economy is more resilient and better placed to weather the storm" and insisted that the rate of inflation was under control and dropping.
He added that Malaysia's forecast gross domestic product growth was still targeted at 5.7 per cent
"We will allow the market to determine the value of the ringgit," said Najib, who is also deputy prime minister. He said this at a press conference after being briefed on his new portfolio by the ministry's officers.
The former defence minister, who swapped portfolios with Prime Minister Datuk Seri Abdullah Badawi last week, also added that the Cabinet would decide the new fuel price on Wednesday.
Prices are expected to be reduced further as the global crude oil price has dipped below US$100 per barrel, compared with the high of US$147 in July. On Aug 23, the government reduced the price of petrol by 15 sen, from RM2.70 to RM2.55.
He also denied that the postponement of his trip to the Middle East last week was due to political instability.
"The government is stable. The trip was postponed so I could take up this portfolio," he said and added that he would still be flying to New York on Wednesday night to address the UN General Assembly.
Najib closed the press conference after refusing to answer any political questions.
Excerpt from http://www.themalaysianinsider.com/index.php/malaysia/9387-najib-no-peg-for-ringgit
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