Malaysian prime minister (PM) has said that East Asia should consider a common regional trading currency to promote commerce and free the region from relying on dollar transactions, a private media outlet reported Thursday.

According to reports, Mahathir Bin Mohamad said the proposed currency could be used for regional trade, but would not replace national currencies for use at the domestic level.

“In the Far East if you want to come together, we should start with a common trading currency, not to be used locally, but for the purpose of settling of trade,” he was quoted as saying.

“At the moment, we have to depend upon the United States (US) dollar but it is also not stable. So the currency that we propose should be based on gold as it is much more stable.”

Mahathir, who is serving his second term in office, has a reputation of being a financial maverick.