# Malaysia seeks to settle more foreign trade in ringgit, cut reliance on US dollar

> Malaysian Prime Minister Anwar Ibrahim said Malaysia wants more trading partners to accept ringgit payment to shore up the currency and reduce reliance on the US dollar. The ringgit has lost about 7.5% against the dollar this year.

- Date: 2023-10-10 · published 2023-10-10T12:00:00.000Z
- Category: policy · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/33897-malaysia-seeks-to-settle-more-foreign-trade-in-ringgit-cut-reliance-on-us-dollar
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

A push to settle trade in ringgit is a policy shift that could reduce dollar demand over time, though its near-term effect on feed import costs is limited.

## Read by commodity

- USDMYR: neutral

## Sources

- reuters.com: https://www.reuters.com/article/markets/currencies/malaysia-seeks-to-settle-more-foreign-trade-in-ringgit-cut-reliance-on-us-dolla-idUSL1N3BG06J/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.