KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim said negotiations with China, Indonesia and Thailand for adopting local currencies in trade transactions have succeeded.
He said this move aims to restore the ringgit’s position and fortify its strength in the global market.
“While the effects may not materialise immediately, a substantial initial step has been taken, signifying Malaysia’s commitment to move away from dollarisation,” Anwar said on Facebook.
He made these remarks during a gathering with students and Malaysians in Egypt’s capital of Cairo following his return from Istanbul, Türkiye.
Anwar also addressed the challenges faced by the ringgit due to the aggressive interest rate hikes by the US Federal Reserve. He said these actions have ripple effects, impacting China’s renminbi and Japan’s yen.
Anwar underscored the government’s intensified efforts to revive the Malaysian economy and the measures taken to achieve this goal.
“I want to emphasise that Malaysia must eradicate the scourge of corruption and prioritise good governance. This is an imperative that we must elevate to a higher standard,” he said. – October 23, 2023