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Kazakh President Wants 'Road Map' For New International Currency

Kazakh President Nursultan Nazarbaev
Kazakh President Nursultan Nazarbaev
ASTANA -- Kazakh President Nursultan Nazarbaev has again called on the international community to outline a plan for a new world currency, RFE/RL's Kazakh Service reports.

Opening the Astana International Economic Forum today, Nazarbaev said the idea of creating a new international currency is topical in the current global financial situation and therefore a "road map" should be drafted to create such a new currency.

"I know that it is not possible to introduce a new currency in one day or during one forum. That is why I propose starting work on the 'road map' at this forum," Nazarbaev said.

Nazarbaev said a new international currency would help establish "a transparent and understandable international financial and monetary system," and "would guarantee stability for countries' financial reserves, paving the way to stable international economic development."

It's not the first time Nazarbaev has proposed the creation of a new global currency.

In 2009, he proposed one called the "akmetal" -- from the Greek word "acme" and "capital."

He also said the current international currency system does not correspond to the needs of the global economy and is not adequate to the challenges the world economy faces.

The same year he also suggested the creation of a single noncash currency -- the "yevraz," a reference to Eurasia -- for the Eurasian Economic Community, which groups Kazakhstan with five other former Soviet republics.

The Astana International Economic Forum has been held annually since 2008. The slogan of this year's forum is "New Decade -- Challenges and Perspectives."

Read more in Kazakh here