"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."


Reuters