KUALA LUMPUR: Asean has increased the use of local currencies in trade as a concrete way toward a more stable financial system free of unilateral domination, Prime Minister Anwar Ibrahim said today.
Speaking at a forum of the BRICS grouping of developing economies, he said: “Of course, we are not talking about de-dollarisation yet, that’s still a long way to go. But at least we are trying. Malaysia, together with Indonesia, Thailand, and China, we are beginning to use our currencies, even if it starts with just 10% or 20% of the trade volume.”
“It makes a difference because we cannot keep complaining without executing our plans, both among ourselves and with our friendly neighbours,” he said at a business forum in Rio De Janeiro, Brazil, where he is attending a summit meeting of the BRICS grouping of developing economies.