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Malaysia Uses National Currency in Trade With China, Indonesia, Thailand - Prime Minister
Malaysia Uses National Currency in Trade With China, Indonesia, Thailand - Prime Minister
Sputnik International
Indonesia, Thailand and China have agreed to use the Malaysian ringgit in bilateral trade with Kuala Lumpur, Malaysian Prime Minister Anwar Ibrahim said on Tuesday.
2023-10-10T14:25+0000
2023-10-10T14:25+0000
2023-10-10T14:26+0000
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A Malaysian newspaper reported on Tuesday that Malaysia negotiated the arrangement on the sidelines of the ASEAN summit that took place from September 4-7 in Jakarta. The wider use of ringgit helps to avert the currency's depreciation — an aspect that was underlined by Ibrahim. The minister acknowledged however that the value of the national currency had decreased by 6.5% compared to the US dollar this year, the report said. The ringgit traded 4.73 for 1 US dollar at 12:00 GMT.
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Malaysia Uses National Currency in Trade With China, Indonesia, Thailand - Prime Minister
14:25 GMT 10.10.2023 (Updated: 14:26 GMT 10.10.2023) MOSCOW (Sputnik) - Indonesia, Thailand and China have agreed to use the Malaysian ringgit in bilateral trade with Kuala Lumpur, Malaysian Prime Minister Anwar Ibrahim said on Tuesday.
A Malaysian newspaper reported on Tuesday that Malaysia negotiated the arrangement on the sidelines of the ASEAN summit that took place from September 4-7 in Jakarta.
"China welcomed the suggestion. Approximately 20 to 28 per cent of big-scale investments — billions of ringgit in investments — they are not using dollars but using ringgit," the newspaper quoted the minister as saying, who added that "So far we have succeeded in using local currency in Indonesia, Thailand and China."
The wider use of ringgit helps to avert the currency's depreciation — an aspect that was underlined by Ibrahim.
9 October 2023, 09:00 GMT
The minister acknowledged however that the value of the national currency had decreased by 6.5% compared to the US dollar this year, the report said. The ringgit traded 4.73 for 1 US dollar at 12:00 GMT.
