PM proposes new currency based on gold, says present currency trading manipulative

Malaysia is proposing a new currency based on gold as it is more stable as opposed to the present currency trading which is manipulative, says Prime Minister Tun Dr Mahathir MohamadHe said by using the precious metal, it could be used to evaluate the exports and imports activities among the East Asian countries.

“That way we know how much we owe, how much we have to pay in the special currency of East Asia,” he said during a dialogue session at the 25th International Conference on The Future of Asia here, today.Prime minister said the new currency could also be extended to the rest of the country, outside the East Asian region.

“Just because that one country is affected, there is infection to the other countries. Malaysia was very stable way back in 1997 ... but because of the problem occurred in Thailand , they said we must peg the Malaysian currency also.

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