"The ringgit peg is a good move and we will continue with this policy unless there is big divergence (in) currency values in the region. Now, we are comfortable and we do not need to re-peg," said Economic Planning Minister Mustapa Mohamed.

"We believe that the peg has been instrumental not only in Malaysia's economic recovery but also in laying a firm foundation for Malaysia's economic growth," Mustapa was quoted as saying by the Bernama news agency.

The ringgit has been fixed at 3.80 to the dollar since 1998 when it was introduced, against the advice of the International Monetary Fund, in the face of the Asian financial crisis.