Asked where he saw the fair value for the ringgit, Mahathir said “3.8”.

That’s more than 5% stronger than its current level against the dollar, and a rate it hasn’t seen since mid-2015, when worries about China hit emerging markets. The currency climbed 0.3% after his remarks were published.

“We would like to strengthen our ringgit, but it should be done naturally,” said Mahathir, the architect of capital controls in 1998, that ultimately were seen to help stabilise the economy though were criticised then by the International Monetary Fund.

Mahathir didn’t elaborate on steps needed to allow for natural appreciation.

He said that the currency is being unfairly punished by the stresses buffeting most emerging markets. An appreciating dollar, propelled by Federal Reserve monetary tightening, along with worries over a US-China trade war, have hurt demand for developing nation assets.

“This is actually the problem arising from the state of the world’s economy, not just ours,” said Mahathir of the ringgit’s current valuation.

Since he took office last month after a surprise election victory, Mahathir new administration’s had warned that Malaysia’s debt is much larger than estimated by the previous government, making some foreign investors wary.

The benchmark stock index is down 8.5% since the election, or 9% in dollar terms, against a 5.3% drop for the MSCI Emerging Markets Index.

Even so, forecasts since the election show strategists do see the ringgit appreciating in time. The median estimate in a Bloomberg survey is 3.95 for year-end. Projections indicate it will stay weaker than 3.80 in coming years, however. It was at 4.0025 as of 2.13pm in Kuala Lumpur.