What is needed now is stability, not rigidity. The floating exchange rate regime provides Malaysia with the flexibility to adjust to international economic and financial developments. The regime also accords exchange rate stability against our main trading partners. A fixed exchange does not eliminate volatility. It merely transfers that volatility to domestic prices such as asset prices and inflation. Therefore, a re-pegging of the ringgit has never been a consideration. To do so would be very harmful to the Malaysian economy. The ringgit will continue to operate under a managed float regime with its value being determined by the market. The Central Bank operations will continue to aim at ensuring orderly market conditions, in particular, to deal with excessive disruptions to the market. Since the unpegging of the ringgit in 2005, it has been on a gradual appreciating trend, reflecting the fundamentals of the economy. Going forward, it is expected that this underlying trend will continue.