Kazakh pres suggests world working out new currency road map

ASTANA, May 3 (Itar-Tass) - Kazakh President Nursultan Nazarbayev,
addressing on Tuesday the fourth Astana economic forum, suggested the
world community working out "a road map" on transferring to a new global
currency.
Nazarbayev said that global challenges to the financial sector are a
result of "deficiency of the world monetary system and its main component
- the world reserve currency". "The existing system does not meet
principles of legality and democracy, weakens the growth, distorts
macroeconomic principles and interferes with settling emerging global
problems," he noted.
The Kazakh leader believes that drastic measures will be needed to
remove this defect, including transition to a new system of settlements.
"Creation of a new world reserve currency will help to build up a
transparent and understandable for all global monetary system. This will
help to consolidate prospects for future economic development," he
explained.
Nazarbayev emphasised that "the deficiency of the world monetary
system already forces some countries to take practical steps to use
alternative currencies". "All world economies will come to the need with
time to introduce a supra-national settlement-payment unit and then a
global currency of a basically new class," the Kazakh president stated.