And also starting to play around with the idea of alternative currencies.

Enter ISO 4217 code for the new currency

This is especially significant inasmuch as indigenous peoples continue to have limited access to financial services and are increasingly interested in exploring alternatives to conventional credit financing, including the revival of traditional mechanisms of reciprocity and exchange, which may involve monetary or non monetary transfers of goods and services.

The experience of 1914 implies that a credible alternative can replace an entrenched world currency, especially after an unfavorable balance of trade has weakened it. But even then, dethroning the reigning king of international exchange takes time.

ITHACA Scarcely a week passes without news about the ascendance of China s currency, the renminbi. But China has a long way to go before its currency can rival let alone displace the US dollar as the dominant global reserve currency.

A country wide currency exchange was completed in January 2003, introducing a new currency controlled exclusively by the Central Bank, thereby providing a basis for economic stability.

Payments how can governments and relevant monetary authorities monitor money creation in the age of electronic payments?

In this context, IMF has been advising developing countries to develop domestic bond markets to raise funds through long term fixed interest securities denominated in the local currency as an alternative to borrowing from abroad.

African Centre for Monetary Studies

The representative of the International Monetary Fund also made a statement.

If Germany s half hearted efforts to stabilize Europe somehow turn out to be successful, America s position will be further eroded, and central banks around the world will begin to regard the euro once again as a reliable alternative to the dollar as a reserve currency. The alternative, as China has suggested, would be to develop a new reserve currency.

But skeptics question whether the SDR could ever replace the dollar as the world s leading reserve currency, for the simple reason that the SDR is not a currency. It is a composite accounting unit in which the IMF issues credits to its members.

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International Monetary Fund (IMF)

Mr. De Rato (International Monetary Fund) I am very pleased to be here, on behalf of the International Monetary Fund (IMF), with so many distinguished leaders.

PALO ALTO Since World War II s end, the US dollar has been used to invoice most global trade, serving as the intermediary currency for clearing international payments among banks and dominating official foreign exchange reserves. This arrangement has often been criticized, but is there any viable alternative?

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