Skip to main content

Mahathir proposes common Asia trading currency

TOKYO: East Asia should consider a common regional trading currency based on gold to promote commerce, and free the region from relying on dollar transactions, Malaysia’s Prime Minister Mohamad Mahathir said on Thursday.

Mahathir said the proposed currency could be used for regional trade, but would not replace national currencies for use at the domestic level.

“In the Far East if you want to come together, we should start with a common trading currency, not to be used locally but for the purpose of settling of trade,” he said at the Future of Asia forum in Tokyo.

“At the moment we have to depend upon the US dollar but the US dollar is also not stable. So the currency that we propose should be based on gold because gold is much more stable,” he added.

He said the exchange rate of the regional currency would “relate to” the performance of individual countries and would help harmonise regional trade.

“That way we know much we owe, we know how much have to pay, in the currency of east Asia.” Mahathir, who is serving his second term in office after storming to a shock election victory last year, has a reputation as something of a financial maverick.

In 1998, he defied international experts and imposed capital controls to shield the economy amid a regional financial crisis, and he is a longtime critic of currency trading.

 

The post Mahathir proposes common Asia trading currency appeared first on ARYNEWS.

Comments

Popular posts from this blog

Police arrest another suspect in Rimsha Wassan murder case

KHAIRPUR: Police on Tuesday arrested another suspect in Rimsha Wassan murder case during a raid in Khairpur, ARY News reported. Police said suspect Hidayatullah was arrested during the raid and weapons were recovered from his possession. They said the arrested suspect was a close aide of Zulfiqar Wassan, Sabir Wassan and Abdul Ghaffar. “The suspect will be produced before the Anti-Terrorism Court for remand,” said police. On March 19, an anti-terrorism court (ATC) had extended the remand of three suspects in Rimsha murder case for three more days for further investigations. Hearing the Rimsha murder case, the court, on the request of police, had decided to extend the physical remand of the suspects for three more days. Read More:  ATC extends suspects’ remand in Rimsha murder case According to the details, police had produced the prime suspect, Zulfiqar Wassan alias Zulfoo , his associates nominated in the case, Ghaffar Wassan and Sabir Wassan before the court amid strict se...

Sajal Aly, Ahad Raza Mir are already sending out wedding invites

Pakistan’s hot favourite celebrity couple Sajal Aly and Ahad Raza Mir are all set to tie the knot soon.  The pair has already started sending out wedding invitations to friends and family as fans eagerly wait for one of the biggest celebrity weddings of the year. The actors invited British Deputy High Commissioner, Mike Nithavrianakis, to their big day, who took to Twitter to share that it was wonderful meeting them. Thank you! Hope to see you at the wedding @MikeNith1 https://t.co/YtOOYBJuhq — Sajal Ali (@Iamsajalali) February 28, 2020 “They’ve been ‘married’ on-screen several times. Now for the real deal. Best wishes to them both,” he wrote. The Mom actress thanked him and said “Hope to see you at the wedding.” Earlier, a photo of a cake which had ‘Ahad aur Sajal ki dholki’ written over it went viral. The lovebirds got engaged in July last year after dating for a while. The post Sajal Aly, Ahad Raza Mir are already sending out wedding invites appeared first on...

India’s coronavirus cases rise by a daily record of 55,078

BENGALURU: India reported another record surge in daily COVID-19 cases on Friday, taking the total to 1.64 million, as the government further eases virus curbs in a bid to resuscitate the economy, while also trying to increase testing. Infections jumped by 55,078 in the past 24 hours, while the death toll rose by 779 to 35,747, the Ministry of Health and Family Welfare said on its website. The ministry also said it aimed to raise the country’s capacity to 1 million coronavirus tests per day in the medium term, from a record 600,000 on Friday. The federal government this week announced the reopening of yoga institutes and gymnasiums, and removed restrictions on the movement of people and goods. The post India’s coronavirus cases rise by a daily record of 55,078 appeared first on ARY NEWS .