BRICS: Malaysia To Eliminate the US Dollar For Global Trade
Malaysia is following in the footsteps of BRICS in a mission to uproot the hegemony of the US dollar. The Prime Minister of Malaysia Anwar Ibrahim confirmed on Tuesday that the country is advancing to eliminate the dependency on the US dollar for global trade. Ibrahim revealed that Malaysia is aggressively pursuing de-dollarization efforts and will be pushing their local currency Ringgit for global transactions. Also Read: BRICS to Completely Ditch the US Dollar in 3 Years The leader said that the country will start taking its first steps to end reliance on the US dollar. The PM acknowledged that the country cannot entirely stop transacting in the US dollar but will aggressively push the Ringgit forward. “To entirely stop the reliance on the US dollar will be difficult. But Malaysia will be more active and aggressive in the use of Ringgit ,” said the Prime Minister in the Parliament. Ibrahim explained that Malaysia has close trade agreements with Indonesia, T...