Malaysia Moves To Exit the Dollar

April 5, 2023, 2022 (EIRNS)—Malaysia’s Anwar Ibrahim, once the favorite tool of George Soros and Al Gore in running operations against then-Prime Minister Dr. Mahathir Mohamad, is now the Prime Minister himself, and appears to be letting the office shape his policies rather than the other way around. He visited China last week, and in meetings with President Xi Jinping the two leaders discussed the move away from the weaponized U.S. dollar. He also renewed a proposal he had made at the Boao Forum for an “Asian Monetary Fund” (AMF) and reported that Xi agreed with him.

Anwar told the Parliament: “There is no reason for Malaysia to continue depending on the dollar.” Malaysia’s central bank is already working on enabling the two nations to negotiate on trade matters using the ringgit and renminbi, said Anwar, who doubles as finance minister.

He said he had proposed the AMF at the Boao Forum for Asia in Hainan on March 30, stressing the need to reduce reliance on the dollar or the International Monetary Fund.

Anwar also called for “regaining momentum” in the BRI: “Translating lofty ideals into practical reality, solidarity and cooperation is best exemplified in the realization of the Belt and Road Initiative. With the pandemic behind us, we should try to regain its momentum,” he told the Boao Forum. Malaysia already has several BRI-related infrastructure and connectivity projects, including the Malaysia-China Kuantan Industrial Park, the East Coast Rail Link (ECRL) and the expansion of Kuantan Port.

Anwar also criticized the U.S. “chip war” against China: “The rivalry to be ahead in this can take either a productive or a destructive turn. Having said that, let me reiterate that unfettered competition must give way to spirited collaboration.”