New reserve currency will boost economic growth prospects - Kazakh leader
ASTANA. May 3 (Interfax) - Kazakh President Nursultan Nazarbayev has reiterated the need to create a new reserve currency.
"The creation of a new global reserve currency will help build a transparent and totally comprehensible global financial and currency system. Countries' reserves will become more sustainable. On the whole, this will help bolster the prospects for further economic development," Nazarbayev said at an economic forum in the Kazakh capital Astana on Tuesday.
The president called on the international community to focus on tackling problems surrounding post-crisis economic development.
"Realizing the potential of crisis-linked phenomena and learning lessons from them, we ought to start to assess challenges and tasks facing the world economy in the second decade of the 21st century," he said.
"Today the global economy has encountered major challenges in its three main sectors: financial, industrial-innovative and food resources," Nazarbayev said.
The global financial system and its key component - the world's reserve currency - are flawed, the Kazakh leader said.
"The existing financial and currency system fails to meet the principles of legality and democracy. Furthermore, it weakens growth, distorts microeconomic principles and hampers a search for solutions to emerging global problems," he said.