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Malaysian PM stresses on using gold dinar among Muslims countries to end dollar hegemony

Mahathir said that the USD can hamper trade, but gold has a certain value for all countries in the world.
21 Dec 2019
  • Mahathir said that the USD can hamper trade, but gold has a certain value for all countries in the world.

Malaysian Prime Minister Dr. Mahathir Mohammad has once again stressed on the use of gold dinar by Muslim countries against greenback, saying that US dollar fluctuates from stable to unstable.

“Most countries had to use the US dollar as international currency, but that it was sometimes strong, sometimes weak,” said Mahathir on Saturday at the end of Kuala Lampur summit in Malaysia, quoted Free Malaysia Today.

Mahathir said that the USD can hamper trade, but gold has a certain value for all countries in the world.

“If we use gold as standard, we can call our currency by whatever name we want, but they must relate to the value of gold in your country. So, if you know the value of gold in your country and the value of gold of your trading partner, we know how much gold is being traded. That is the gold dinar standard, that was what was proposed, so we will look at it carefully,” he said.

Gold has been used as the world reserve currency for hundreds of years. “We are seriously looking into this and we hope that we will be able to find a mechanism to put it into effect,” he added.