Malaysian Prime Minister Anwar Ibrahim confirmed on Tuesday that the country is advancing to eliminate the dependency on the US dollar for the global trade.
Ibrahim revealed that Malaysia is aggressively pursuing de-dollarization efforts and will be pushing their local currency "Ringgit" for the global transactions.
The leader said that the country will start taking its first steps to end dependency on the US dollar, cryptorank.io reported.
The prime minister said 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,” he said in the Parliament.
Ibrahim explained that Malaysia has close trade agreements with Indonesia, Thailand, and China and will begin using the Ringgit with the three trading partners.
He told the Parliament that the new strategy includes increasing the usage of Malaysia’s Ringgit with BRICS member China and reducing transacting in the US dollar.