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Malaysian government will revisit use of gold dinar as reserve currency
By Nor Ain Mohamed Radhi and Qistina Sallehuddin
New Straits Times, Kuala Lampur, Malaysia
Tuesday, October 17, 2023
KUALA LUMPUR, Malaysia -- The government will revisit the idea of using the gold dinar as a reserve currency, the Dewan Rakyat [House of Representatives] heard today.
Prime Minister Datuk Seri Anwar Ibrahim said the matter will be discussed during the upcoming meeting on Islamic economics and finance held in December.
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"We want to start it" -- the use of gold dinar -- "despite limited conditions," he said.
"As I have mentioned earlier, our trading with China using ringgit and renminbi is at 25%. If we can get between 5 and 6% with Islamic countries [using dinar], it would be a positive start as it provides strength and reduces dependence on the U.S. dollar," he said during the prime minister's question time today.
Anwar was responding to a supplementary question from Ku Abdul Rahman Ku Ismail (PN-Kubang Pasu).
Ku Abdul Rahman had asked about the use of gold dinar and if using it would encounter resistance from countries using the U.S. dollar.
Anwar in his reply also said that the use of gold dinar gives the country an alternative, subsequently strengthening the domestic strength of each country's economy. ...
... For the remainder of the report:
https://www.nst.com.my/news/nation/2023/10/968034/govt-revisit-using-gold-dinar-reserve-currency-pm
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