Tags: UN | dollar | reserve

U.N. Calls for New Global Reserve Currency

Wednesday, 07 Oct 2009 10:34 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.

"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.

Speaking at the annual meetings of the International Monetary Fund and World Bank in Istanbul, he said: "It is timely to emphasise that such a system also creates a more equitable method of sharing the seigniorage derived from providing global liquidity."

Special: Get Sarah Palin’s New Book – Incredible FREE Offer -- Click Here Now.

He said: "Greater use of a truly global reserve currency, such as the IMF?s special drawing rights (SDRs), enables the seigniorage gained to be deployed for development purposes," he said.

The SDRs are the asset used in IMF transactions and are based on a basket of four currencies -- the dollar, euro, yen and pound -- which is calculated daily.

China had called in March for a new dominant world reserve currency instead of the dollar, in a system within the framework of the Washington-based IMF.

Special: Get Sarah Palin’s New Book – Incredible FREE Offer -- Click Here Now.

Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium

-

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

D'Souza: Obama Exploits America's Decency for Political Gain

Saturday, 30 Aug 2014 23:03 PM

Conservative filmmaker Dinesh D'Souza on Saturday cited the illegal immigration crisis as an example of how the Obama ad . . .

Sen. Dianne Feinstein: Obama 'Too Cautious' on ISIS

Saturday, 30 Aug 2014 22:29 PM

President Barack Obama was too cautious in his remarks this week about the beheading to American journalist James Fole . . .

US Conducts Airstrikes, Drops Aid to Besieged Iraqi City

Saturday, 30 Aug 2014 22:12 PM

The Pentagon says the U.S. military has conducted airstrikes and dropped humanitarian aid to the beleaguered Iraqi city  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved