‘Our countries have gold and resources, but are dependent on foreign currency’ — Akylbek Zhaparov

Former Prime Minister Akylbek Zhaparov has proposed that the development of a new financial architecture for a multipolar economy be put forward for serious public debate. He made this statement on 5 August at an off-site session of the ‘Primakov Readings’, which is taking place as part of the ⅥII Kyrgyz-Russian Economic Forum at Issyk-Kul.

According to him, states possessing their own currencies, gold reserves, energy resources and industrial potential have remained dependent on the currency of a third country for far too long.

Akylbek Zhaparov noted that the situation is already changing. Over 90 per cent of settlements between Russia and China are conducted in national currencies.

“The question is no longer whether the diversification of international settlements is possible. It is happening before our very eyes. The question is a different one: what should the financial architecture of a multipolar global economy look like, and how quickly are we able to establish it?” he said.

According to the former Prime Minister, the further development of payments may involve national currencies, digital instruments and mechanisms partially backed by gold or other real assets.

At the same time, he emphasised that he is not proposing a ready-made solution, but is calling for a full-scale economic and public debate to begin.