Putin urged to rethink the role of the dollar

Путин призвал переосмыслить роль доллара

Confidence in the dollar around the world decreases, so the role of the currency should rethink, said the President of Russia Vladimir Putin during a speech at the plenary session of the St. Petersburg international economic forum.

The head of state noted that the main global institutions in the field of Finance was created 75 years ago, in the framework of the Bretton woods system, reports “WORLD 24”.

In the 1970-ies there was a Jamaican currency system, which confirmed the priority of the dollar. But it has not solved the main problems associated with balance exchange relations and trade exchange.

“During this time there is a new economic centres, increased the role of regional currencies, has changed the balance of forces and interests”, – said Vladimir Putin.

What happened in the world of profound changes require adaptations of international financial institutions and rethinking the role of the dollar.

“The dollar becoming a world reserve currency, has today become a tool of pressure of the issuing country on the rest of the world,” – said the President of Russia.

One of the reasons for the decline of confidence in the dollar, the head of state called the mistakes of the us financial authorities and political centers, which are themselves “undermine their advantages.”

Earlier in his speech, Vladimir Putin touched upon the construction of the pipeline “Nord stream-2” and stated that this project fully meets the national interests of all participants.