Part 3/11:

In stark contrast, Malaysia under Prime Minister Dr. Mahathir Mohamad chose not to accept IMF aid. Instead, he implemented a series of unconventional economic strategies to shield the nation from the worst of the crisis. One of the keystone measures was the pegging of the ringgit at 3.8 to the US dollar. This fixed exchange rate aimed to curb speculative pressures that were causing the currency’s rapid depreciation.