Mahathir raises option of changing currency

PETALING JAYA: Malaysia can change its currency or go cashless to combat corruption, Prime Minister Tun Dr Mahathir Mohamad said today.
He did not provide details but said it was something that required detailed study.
"It's not an easy thing because when you want to replace currency, you must know how much currency is in circulation ... because we have to replace what is in circulation and that is a very big amount," Mahathir told Channel NewsAsia (CNA) in an interview today.
"If you were to replace, you need to print huge amounts of paper money ... but that is not a decision that one makes lightly. You have to study the effect on the economy."
Mahathir had imposed currency controls in 1998 during the Asian Financial Crisis to peg the ringgit at RM3.80 to the US dollar. It was removed in July 2005 by the Tun Abdullah Ahmad Badawi administration.