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Malaysia To Go Ahead With Use Of Gold Dinar

TV3 NEWS 23/10/2002


Malaysia is pressing ahead for the use of the gold dinar, for trade between Muslim nations.

Prime Minister, Datuk Seri Dr Mahathir Mohamad, said a secretariat will be set up to study and promote the use of the gold dinar, as an international currency.

Closing an international seminar on the gold dinar in multilateral trade the Prime Minister said the benefits of an international currency for Muslim states are obvious.

Later, he told reporters that the interest in the gold dinar is growing.

Datuk Seri Dr Mahathir was responding to a request by a delegate from the Iranian central bank.

Iran expressed its support for the use of the gold dinar which, according to Islamic law, is roughly equivalent to 4.3 grams.

Its value is based on world demand for gold.

Datuk Seri Dr. Mahathir, who is also Finance Minister, floated the idea in March, saying it could help prevent a repeat of the financial crisis which devastated Asia in 1997 and 1998.

Malaysia expects to use gold dinars for trade with Islamic countries from mid-2003, and is already discussing the system with certain Islamic nations.

Datuk Seri Dr. Mahathir said he had his eye on a few potential partners and that they were Muslim countries with strong and stable economies but he did not name them.


Last Updated: 25/10/02 ©NE2002


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