The Malaysian government is focusing on efforts to promote the use of the ringgit for international trade, according to the Ministry of Investment, Trade and Industry (MITI).
In a response published on the Parliament's website, MITI outlined the country's ongoing efforts to expand the use of the local currency with ASEAN countries such as Vietnam and the Philippines, along with BRICS members such as Russia and India.
The move is part of Malaysia's aim to reduce its dependence on the United States (US) dollar.
While Malaysia recognizes the dominant role of the US dollar in global finance, MITI emphasizes that any shift towards de-dollarization must be assessed holistically.
Malaysia remains open to exploring more regional currency partnerships, but the government is keen to ensure that all decisions benefit the country's interests.
BRICS countries, particularly China and Russia, have already advanced similar efforts by conducting trade in their local currencies.
This strategy could pave the way for more resilient economic relations, less exposure to fluctuations in major currencies and stronger regional financial networks.
The proposal comes at a time when Malaysia is trying to balance national interests with global financial realities.
