"We could possibly have an Asian Common Trading currency," he said comparing the situation between Europe and Asia.

That would augur well for economic growth in Asia which, he pointed out, is a bigger region with a greater diversity.

"We could go for gold weighted currency to replace US dollar... somewhat returning to gold standard," the former Malaysian premier said.

In an interview with UNB Chief Editor Enayetullah Khan, who was is Kuala Lumpur recently, Mahathir referred to the Asian crisis, saying that it had clearly shown the inability of the developed world and the international institutions to respond to crises and the effects of contagion.

"Hence, we were compelled to adopt and implement measures consistent with our domestic circumstances in order to address the issues of economic recovery," he said.

"We relaxed fiscal policy, reduced interest rates and imposed selective exchange controls to eliminate the internationalisation of ringgit, the Malaysian currency, and regulate the volatile short-term portfolio flows," he said.

He also mentioned how astutely he had steered Malaysian monetary policy during the Asian crisis.

The Malaysian leader pointed out that poverty and unequal distribution of wealth resulted in security and social problems.

"We must be sincere and earnest in finding solutions... solutions that can realise the full economic potential of developing economies to reduce significantly the problems of poverty and hunger", said Mahathir.

On digital divide, Dr Mahathir said, "Digital divide is synonymous with the knowledge divide. Prosperous economies are essentially knowledge-based economies."

"Everyone, whether urban or rural, rich or poor, must be able to share in this knowledge... The use of information technology must be democratised."

On security issues, Mahathir said, "Malaysia believes it is always positive for the country to have shared responsibilities. But this shared responsibility must not be at the expense of the sovereignty and territorial integrity of the littoral states."

He said there should not be any foreign presence in the Straits of Malacca or anywhere in Malaysian waters, "except during the exercises that we do... this is what we have been doing for a long time."

Mahathir, who attended the general assembly of the Organisation of Asia-Pacific News Agencies (OANA), the national news agencies in different countries should foster better links among themselves and learn to trust one another.

As Malaysia's fourth and longest-serving Prime Minister, Dr. Mahathir has played a pivotal role in the confident march of his people towards "Vision 2020", his blueprint for Malaysia's advance towards a developed-nation status.

After ruling his country with a firm hand for more than 20 years, Mahathir announced his resignation in June 2002. Urged to stay on by colleagues, he delayed his retirement until October 2003 under an arrangement providing for his deputy, Abdullah Ahmad Badawi, to progressively assume the duties of prime minister before formally replacing him.