Malaysia to ‘seriously’ explore using local currencies in bilateral trade, says Anwar (opens original article in a new tab)

Malaysia's Prime Minister Anwar Ibrahim announced plans to seriously explore using local currencies in bilateral trade with partners like China, Russia, and India to mitigate foreign exchange risks and reduce dependence on the US dollar.

• Malaysia will explore using local currencies in trade with partners to reduce foreign exchange risks
• Malaysia has increased trade with China using local currencies to 22-23% of total trade
• Malaysia and Russia discussed using ringgit and ruble for bilateral trade and energy cooperation
• India agreed to consider barter or local currency trade with Malaysia