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Nazarbayev talks of “unprecedented measures” at the currency markets

03 мая 2011, 12:26
Nursultan Nazarbayev. ©REUTERS
Nursultan Nazarbayev. ©REUTERS
When opening the IV Economic Forum today in Astana, Kazakhstan’s President Nursultan Nazarbayev talked of “unprecedented measures” at the currency market, Tengrinews.kz reports.

“The current monetary system (…) weakens growth, distorts macroeconomic principles, prevents from solving global problems. To eliminate this drawback, unprecedented measures are needed. The idea of drastic changes is supported by more and more economists and politicians at the highest level”, President said.

Nursultan Nazarbayev once again broached the subject of supra-national currencies: “the faultiness of the currency system is forcing some countries to take practical steps towards introduction of alternative currencies. For instance, BRICKS countries have signed a memorandum on use of reserve currencies for mutual lending operations”.
President stressed that ultimately all economies of the world will embrace the idea of supra-national payment unit and of a brand new global currency.

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