There is no need to continue depending on US$ in investments - PM

KUALA LUMPUR: There is no reason for a country like Malaysia to continue to depend on the US dollar in attracting investments into the country, said Prime Minister Datuk Seri Anwar Ibrahim today.

He said negotiations between Malaysia and other countries should use the currencies of both countries. According to him, Bank Negara Malaysia has also made a proposal to pioneer the said method in matters of trade during visits to China using ringgit and renminbi.

"A more important matter is about the Asian Monetary Fund and the initial stage that I had proposed as the Finance Minister which was not well received in Asia because at that time the US dollar was very strong.

"But now with the economic strength of China, Japan and so on, I think this proposal should be negotiated at least about the Asian Monetary Fund and can utilise the ringgit and the country’s currency accordingly,” he said in reply to an additional question from M Kulasegaran (PH-Ipoh Barat) on whether the government will join most countries that no longer want to use the US dollar in trade transactions. - Bernama

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