March 16, 2009 / 9:19 AM / 11 years ago

Russia to propose new reserve currency at G20

MOSCOW, March 16 (Reuters) - Russia has proposed the creation of a new reserve currency, to be issued by international financial institutions, according to the text of its proposals to the April G20 meeting published on Monday.

Russia has significantly reduced the dollar’s share in its own reserves in recent years but has gained little traction on proposals to make the rouble a regional reserve currency in the former Soviet bloc.

“We urge the reform of the international currency and financial system,” Russia said in its proposals to the G20, which were published on the Kremlin Website, www.kremlin.ru. Russia proposed tasking the International Monetary Fund (IMF) with researching the possibility of widening the list of reserve currencies, creating a new reserve currency, or using the IMF’s special drawing rights (SDRs) as a super-reserve.

“It seems appropriate to consider the role of the IMF in this process and also to assess the possibility and the necessity of taking measures which would enable (IMF) special drawing rights to become a super reserve currency accepted by the whole of the international community,” Russia said. Leaders of the G20 leading economies will meet next month in London.

Russia also called for countries whose currencies currently have reserve status to adopt international rules on fiscal and macroeconomic discipline.

The statement also proposed the creation of regional funds tasked with supporting economic development. (Reporting by Toni Vorobyova; editing by Patrick Graham)

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