Malaysia said it will move away from the dollar by adopting appropriate policies to expand the use of the local currency ringgit in international trade.
Prime Minister Anwar Ibrahim addressing lawmakers in parliament said, “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 (in trade).”
Anwar Ibrahim said Malaysia had reached agreements with Indonesia, Thailand, and China, its largest trading partner, to encourage more trade and investment in local currencies.
The ringgit has plunged to record-low rates against the greenback.
De-dollarization movement is an ongoing debate as recently BRICS countries also looked to shift away from the US dollar exploring possibility of creating a ‘common currency’ for trade.
President Vladimir Putin of Russia has criticized US leaders for taking advantage of the dollar’s influence to enforce hegemonic policies.