6. The new Malaysian policy package includes the following：
□ Fix the value of ringgit to the US dollar @ 3.80. This would reduce the role of the market forces in the day-to-day level of the currency. This measure provides certainty with regard to the value of ringgit. It removes the volatility of the ringgit and makes ringgit more predictable. So businessmen can plan ahead without having to worry about ringgit fluctuations;
□ Measures pertaining to reduce volatility in the stock market by closing the illegal offshore secondary market in Singapore. This offshore market known as CLOB was trading in Malaysian stocks and Malaysia had no control over it. Closing that down (i.e. by not recognising stock transactions there), it has restored greater respectability and predictability to the Malaysian stock market. At the same time measures were also undertaken to make sure that non-local residents to keep their shares for a period of one year in the country before selling them. This is to curb speculation in the market;
□ Measures to remove and eliminate the international trade in ringgit by demonetising ringgit held outside the country. This means the ringgit is non-convertible and has no value outside the country. The aim is two - fold. First - to remove speculation and second, to make sure that the surplus ringgit is returned to the country;
□ Resident travelers are allowed to import notes up to RM1,000 and any amount of foreign currencies. But we can take out only up to RM1,000 and foreign countries equivalent to RM10,000. (This has been revised upwards to $50,000(ringgit) for medical purposes);
