Malaysia Prime Minister Says There’s No Reason To Continue to Depend on the US Dollar

Joshua Ramos
Source: BBC

Malaysia’s Prime Minister, Anwar Ibrahim, said today that there is no reason to continue to depend on the US dollar. Specifically, the country’s Prime Minister stated that the continued dependence on the US currency “in attracting investments into the country,” is unwarranted.

Ibrahim stated that negotiations between Malaysia and other countries should occur using both national currencies. Moreover, he has stated that Bank Negara Malaysia is developing a proposal to pioneer that method in a matter of trade during visits to China.

Malaysia Sees No Reason for Dependence on US Dollar

The current state of the United States economy is greatly defined by its current fragility. Moreover, jobs data released today showcases that fragile nature in full effect. Conversely, the international facets of the US dollar have been front and center, with Malaysia recently sharing its perspective.

Specifically, Malaysia Prime Minister Datuk Seri Anwar Ibrahim said today that there is no reason to continue to depend on the US dollar. Moreover, Ibrahim state that the current economic strength of China, Japan, and others have driven the lessening reliance on American currency.

US Dollar — When Will it Collapse?
Source: Barron’s

Ibrahim stated, “With the economic strength of China, Japan, and so on, I think this proposal should be negotiated at least about the Asian Monetary Fund and can utilize the ringgit and the country’s currency accordingly,” he stated in an answer. Specifically, it was in response to inquiries regarding countries that no longer seek to utilize the US dollar in trade transactions.

Headed by China and Russia, the lessening reliance on US currency has been a vital aspect of news. Additionally, with the country nearing national debt default, the perspective on how the US dollar factors into future international trade is an interesting one.