Gold Dinar to play big role in global trade

At a two-day conference on 'Stable and Just Global Monetary Systems' the economic advisor to the Prime Minister of Malaysia, Tan Sri Mohamed Yakcop, outlined how the gold dinar could play a role in international trade. The gold dinar would be used for international transactions. The gold dinar should be valued according to the current value of gold and will be transferred (not physically, but rather in terms of custodial ownership) from one country to another. Two nations would trade for a period of time, during which the nations' central banks would pay their respective exporters. At the end of the time period the difference in exports between the two nations (in terms of gold dinars) would be transferred from one government to the other in the gold custodian's establishment (The Bank of England in London, for example). Effectively, a transfer of 0.1 million gold dinar could be able to support a total trade value of 10.7 million gold dinar (for example). By this method the use