Dollar debt will bar Islamic countries from gold currency, economist says


Experts Say the Odds Are Against Gold Dinar

By Minderjeet Kaur
Free Malaysia Today, Petaling Jaya, Malaysia
Monday, December 23, 2019

Disunity in the Islamic bloc and the preference for the status quo in world banking and trading links will probably scuttle the idea of a gold dinar as a new international currency, two experts say.

Nazari Ismail, a professor of economics at Universiti Malaya, said Saudi Arabia is not keen on the idea. “So that will be a big damper” as the country is influential in the Muslim world and is the host of the Organisation of Islamic Cooperation.

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Prime Minister Dr. Mahathir Mohamad had brought up the idea of a gold dinar as an international reserve currency for Muslim countries in preference to the U.S. dollar as the dollar was sometimes unstable.

Nazari said Indonesia and Pakistan would probably not be interested as well, if it was true that they did not attend the Kuala Lumpur summit because of strong pressure from Saudi Arabia.

He said Qatar exports a lot of natural gas and would be likely to prefer the dollar, while Turkey's private sector had a huge external debt almost completely denominated in dollars.

"In other words they will need plenty of dollars to pay back their dollar-denominated debts," he said. ...

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