BNM’s Ibrahim urges Asia to “re-engineer” global monetary system
Countries should promote a “multi-currency market” within Asean, says Muhammad bin Ibrahim
Asian economies would be more stable if they reduced their reliance on the US dollar and focused instead on using regional currencies more, Muhammad bin Ibrahim said on May 31.
The Bank Negara Malaysia (BNM) governor said there is a need to “re-engineer” the international monetary system, as excessive reliance on the dollar has left the region vulnerable to sudden capital outflows and too reliant on foreign exchange reserves.
Malaysia is already preparing for what Ibrahim called the
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