Malaysia's Prime Minister announces end to US dollar dependenceMalaysia’s Prime Minister Anwar Ibrahim announced yesterday that the country will no longer rely on the US dollar to attract investments. Also, he stated that negotiations between Malaysia and other countries will take place using both parties’ respective national currencies.
To move towards this goal, he revealed that Bank Negara Malaysia is creating a proposal for using this method of trade during visits to China. Furthermore, he expressed that this move will be beneficial for the country in the long run.
Malaysia ditches US dollar in international trade negotiations
The fragility of the current US economy is evident in today’s jobs data, and this fragility is being further highlighted by international perspectives – most recently from Malaysian Prime Minister Datuk Seri Anwar Ibrahim. In response to questions about countries no longer depending on the US dollar for trade transactions, Ibrahim stated that there is no reason to continue to rely on the American currency.
Furthermore, he suggested that nations should negotiate over an Asian Monetary Fund and use currencies from their respective countries instead, citing the economic strength of China, Japan, and others as a driving factor in this lessening dependence on the US dollar. As the country nears national debt default, it is becoming clearer just how much foreign countries rely on the US currency, and how this will affect future international trade. It is an interesting time for the US dollar as a whole.
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