Monday, November 29, 1999

Medvedev moots Rupee, Rouble for Future Int currency basket

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VINAY SHUKLA St.Petersburg, Friday, 18 June (PTI) - Russian President Dmitry Medvedev today mooted a future financial system based on multi-currency basket including Indian rupee and Russian rouble. "A multi-currency basket including current reserve currencies like dollar as well as Indian Rupee, Chinese Yuan and Russian Rouble should become the nucleus of the future global financial system," Medvedev said while speaking at the inaugural session of 14th St. Petersburg International Economic Forum (SPIF). He said at present neither rouble, nor Indian rupee nor Chinese Yuan were ready to play the role of a global reserve currency, but their time was coming. Medvedev, who was addressing a gathering of international political, financial and business elite, including Indian Commerce Minister, Anand Sharma, said the global financial crisis had ruined the traditional economic model wherein developed economies did not guarantee safety for investors any more. "High ratings do not guarantee investment security any more. We, for the first time in recent years, can say it out loud that structural reforms are necessary not only in emerging economies, but primarily in developed states", Medevedev said. He announced the Russian government was going to relax visa rules for IT professionals willing to come to work in projects related to innovations and modernisation programme.

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