At G20, Kremlin to Pitch New Currency

At G20, Kremlin to Pitch New Currency

www.themoscowtimes.com

The Kremlin published its priorities Monday for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.

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[edit on 3/17/2009 by semperfortis]

"The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies or using its already existing Special Drawing Rights, or SDRs, as a "superreserve currency accepted by the whole of the international community," the Kremlin said in a statement issued on its web site.

The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries.

The Kremlin has persistently criticized the dollar's status as the dominant global reserve currency and has lowered its own dollar holdings in the last few years. Both President Dmitry Medvedev and Prime Minister Vladimir Putin have repeatedly called for the ruble to be used as a regional reserve currency, although the idea has received little support outside of Russia."





www.themoscowtimes.com
(visit the link for the full news article)

[edit on 3/17/2009 by semperfortis]

edit, misunderstood

go putine, # the dol, should be fun this g20

[edit on 17-3-2009 by ::.mika.::]