Lahore: The high-level participants of the recently-concluded Kuala Lumpur Summit on Saturday deliberated on the adoption of a gold and barter trade system as the preferred mode of processing payments between Malaysia, Iran, Qatar, and Turkey – a news source reported.
Malaysian Prime Minister (PM) Mahathir Mohamad stated that the said countries were considering trading among themselves in gold and through a barter system. This initiative is expected to help these countries counter future economic sanctions.
PM Mahathir Mohammad was speaking to the media at the end of the summit. He said that the world had witnessed nations unilaterally imposing punitive sanctions and that Malaysia and other nations ‘must always bear in mind that it can be imposed on any nation’.
He referred to the Islamic medieval gold coin and explained that he had suggested that the idea should be revisited for trade using the gold dinar. He stated that the countries were ‘seriously looking into this’ and that that they will be able to find a mechanism to put it into effect.
