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Row over Malaysian state's coins

Source PA News

Updated on 13 August 2010

A Malaysian state's attempt to revive use of gold and silver coins common in early Islamic societies has fallen foul of the country's central bank, which said that local governments have no authority to issue their own currency.

The gold dinar and silver dirham coins provide an alternative to Malaysia's currency, the ringgit, in the north-eastern state Kelantan, which is governed by the Pan-Malaysian Islamic Party.

The gold dinar was the official currency of Muslim societies for centuries. The value of the coins used in Kelantan can fluctuate according to market prices, but officials said it remains a better alternative to currency affected by the US dollar and other foreign currencies.

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