The Issues of Two-tier National Currency System Establishment

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The Issues of Two-tier National Currency System Establishment
// Russia and New States of Eurasia. 2022. no. IV (LVII). P. 166-179

Rubric: OPEN TRIBUNE
DOI: 10.20542/2073-4786-2022-4-166-179

Abstract. In the article the interaction of national currency system with world monetary system and reserve currencies is considered. The analysis of the world currency systems and substantiation of the need to change the world currency order is given. The concept of a two-level national currency system which based on the introduction of an additional gold national currency backed by gold is proposed. Such an innovation will significantly strengthen the savings function of the national currency and reduce the propensity of the population to dollarize their savings. It will also reduce the role of world currencies, which may become a new stage in the development of a new world monetary system. Ultimately, this may increase the role of national currencies in making payments in international trade and lead to a decline in the role of world reserve currencies. Gold national currency can be introduced in the form of banknotes, bank account and electronic money. The technical solution depends on the specifics and capabilities of each country, as well as on the preferences of the local population. With the growth of the gold national currency in savings and the use of national currencies in international trade, the two-tier national currency system will become more stable.

Keywords: world currency, reserve system, gold standard, dollarization, gold national currency, gold ruble


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For citation:
S. Abdybaly tegin The Issues of Two-tier National Currency System Establishment. Russia and New States of Eurasia, 2022, no. IV (LVII), pp. 166-179. https://doi.org/10.20542/2073-4786-2022-4-166-179



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