Ida Yasin says the BRICS currency would also be backed by gold, while Firdausi Suffian sees difficulties in the Islamic gold dinar breaking the US dollar’s dominance.
The US dollar is the dominant currency used in international trade but may face competition from a BRICS currency and an Islamic gold dinar.
The term BRICS refers to the grouping of major emerging economies Brazil, Russia, India, China, and South Africa, while Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates are expected to become members in January. Last week, Prime Minister Anwar Ibrahim said the government would revisit the idea of using the gold dinar as a reserve currency. He said that if 5% to 6% of Islamic countries started using the gold dinar it would help reduce the dependence on the dollar.
Instead, he suggested the government put more focus on promoting exports and enhancing trading to make the ringgit more competitive.
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