Jakarta (ANTARA News) - Indonesia underlined the need for a new international currency for international transactions to reduce the highly unsafe financial sector in view of the strong dependence on the US dollar.
This remarks were made by Acting Coordinating Minister of the Economy/Finance Minister Sri Mulyani Indrawati and Bank Indonesia (BI) Governor Boediono in Jakarta Friday.
"I believe that some day a discussion would be started on the statement of the Chinese central bank. One day it will be a subject of discussion between the finance ministers and central bank governors," she said.
Almost fully sharing the finance minister`s view, BI Governor Boediono underlined the need for a global currency like the Special Drawing Rights (SDR) which could be used in international transactions.
"Therefore, eventually we would need a more stable currency, in terms of volume, loss, and value, for a more stable and steady world trade, transactions, and investment. And if a world currency is being used for transactions depending on the ups and downs of the economy of a given country, it would be dangerous," he said.
In the meantime, whether Indonesia would propose the establishment of an international currency in the G20 conference, he said he still cannot say much about this.
"I still do not know, but it would serve Indonesia`s interest very well," he said.
He also said that to establish an international currency the approval of many sides would be needed, and this would take some time.
China has previously proposed an international currency replacing the green back.
G20 countries will meet on April 1 and 2, 2009 to discuss current economic problems. And China may touch on the matter during the meeting. (*)