KUALA LUMPUR: Malaysia will continue strengthening financial cooperation with BRICS countries to promote the use of local currencies in cross-border trade and investment, says Prime Minister Datuk Seri Anwar Ibrahim. Anwar, who is also Finance Minister, said greater reliance on local currencies could help developing economies reduce transaction costs, minimise foreign exchange risks and strengthen their resilience against external financial shocks. He said promoting local currency transactions was among the key areas of financial cooperation under BRICS, particularly in efforts to improve the efficiency of international trade and investment. “The benefits for developing countries are primarily aimed at improving transaction…
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