KL's currency plan 'agreed'

KL's currency plan 'agreed'

KUALA LUMPUR (Reuters): Malaysian Prime Minister Mahathir Mohamad said over the weekend that some Southeast Asian countries have expressed support for a plan to conduct trade in regional currencies.

Asked if he had garnered a consensus from leaders in Bangkok, Manila, Singapore and Bandar Seri Begawan during his recent visits to talk about the region's economy and the currency plan, Mahathir said: "Everybody has agreed."

"We are getting them (the leaders) to work out the mechanics of the whole thing. Whether they use one currency, that is for them to decide," he told reporters after opening a meeting of a political party.

Mahathir was referring to the possible use of the Singapore dollar as the currency peg for regional trading instead of the U.S. dollar, which has appreciated sharply against Asian currencies in recent months.