ASTANA, March 11 Kazakhstan, abandoning its
usual balancing act to keep good ties with both the United
States and Russia, blamed the dollar's dominance for global
economic problems and argued for a new international currency.
"The flaws of the existing global currency system lie at the
heart of the current global crisis," said President Nursultan
Nazarbayev, who last month proposed calling the new currency
"acmetal", combining the words "acme" and "capital".
"Its players are forced to abide by rules imposed on them by
others. They are set by a narrow circle and often violate the
majority's interests," he told an economic forum on Wednesday,
urging groups such as G20 to consider a new world currency.
"I believe a new global currency should serve as the
foundation for a new harmonious system. The global currency
market is not competitive. And that means it is not civilised."
His words echoed a statement made earlier in the day by
Iranian President Mahmoud Ahmadinejad who said the world
"capitalist economy" was close to collapse. [nDAH129851]
Upset by price rises and falling incomes, many in the vast
Muslim nation -- Central Asia's biggest oil producer -- are
increasingly critical of the government's handling of the crisis
which has brought Kazakh economic growth to a standstill.
Nazarbayev, 68, did not explain how he thought introducing a
single currency would help fight the global crisis.
(Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov;
Editing by Louise Ireland)