Anwar: Asean moving towards local currency use in trade

KUALA LUMPUR (July 5): Asean has taken steps to reform the grouping by not only increasing trade among the member countries but also the use of local currencies in trade as a concrete way toward a more stable financial system free of unilateral domination, Prime Minister Datuk Seri Anwar Ibrahim said today.

“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 per cent 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 the BRICS Business Forum entitled: ‘Bridging Continents, Building Future: A Shared Agenda for Sustainable Progress’ in Rio De Janeiro, Brazil today.

Also present were President of Brazil Luiz Inácio Lula da Silva, Vice President of Brazil Geraldo Alckmin and President of the Brazilian Confederation of National Industry (CNI) Ricardo Alban. – Bernama