Malaysia to boost local currency transactions through BRICS cooperation, Anwar says

Source: The Star | Original Published At: 2026-11-04 02:42:00 UTC

Key Points

• Malaysia will strengthen financial cooperation with BRICS countries to promote local currency use in cross-border trade and investment, according to Prime Minister Anwar Ibrahim.
• Anwar said greater reliance on local currencies could reduce transaction costs, foreign exchange risks, and exposure to external financial shocks for developing economies.
• He described local currency transactions as a key area of BRICS financial cooperation aimed at improving the efficiency of international trade and investment.
• Anwar noted that major international currencies will continue to dominate global trade and finance due to structural factors such as market size and broad acceptance.
• Malaysia has introduced local currency initiatives with China, Indonesia, and Thailand, including ringgit-renminbi cooperation and the Local Currency Transaction Framework.
• Future efforts will be driven by market demand, supported by cross-border payment infrastructure, and sustained cooperation between countries.