Singapore banks likely to drop ringgit reference rate

[hotbot]

Singapore banks likely to drop ringgit reference rate- what does this mean...? i think but can't figure out what this is about?

http://biz.thestar.com.my/news/story.asp?file=/2013/3/16/business/12845395&sec=business

 

[sleaguepunter]

more easier for bank negera to control its own currency exchange rate.

 

[hotbot]

this is what i heard from my banker friend:

Currently because myr, vnd ( and thb) are controlled currency (not free floated in international markets), for people who want to settle myr outside malaysia must convert the myr exposure to the country's local currency. The exchange rate used for this conversion (the offshore myr fx rate ) is the reference rate. Now Association of banks in singapore may not want to quote this reference rate anymore (because fear of rigging or control gaps)..
I wonder where they going to get this rate then... maybe cross with other fx rates..