Kazakhstan President speaks of currency wars

The world is under a threat of currency wars, Tengrinews.kz reports citing Kazakhstan President as saying at the meeting of the Foreign Ministry’s extended board. “The tendency for changes in the paradigms of the global currency system persist and are strengthening. The decision of the BRICS countries to use national currencies in mutual payments are yet another manifestation of the reorganization of the currency system. By the way, a similar decision will be made by the ASEAN and APEC. I have written about it three years ago in The Key to Crisis article and called to create regional payment units and then get to creation of a new global currency that would working for the benefit of all the countries. Of course, this is not a simple decision to make, but we see that we wlll have to come to it one day,” Nazarbayev said at the meeting. According to him, should G-20 fail to reach the compromise in the nearest time, the world will face a range of currency wars. The President reminded about his suggestion to set up a new global dialog called G-global. The suggestion is currently being discussed and the results of the opinions exchange on this project will be announced at the Astana Economic Forum at the end of next month. By Renat Tashkinbayev