Abstract:

The article provides an analysis of the world currency systems and justification for the need to change the world monetary system. The concept of a two-level national currency system based on the introduction of an additional national currency backed by gold is proposed. Such an innovation will significantly enhance the savings function of the national currency and reduce the population's propensity to dollarize their savings. This will also reduce the role of world reserve 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 will lead to a fall in the role of world reserve currencies. Such innovation will have a positive impact on the further strengthening of mutual trade within the Organization of Turkic States. A preliminary assessment was carried out on the example of Turkey and Kyrgyzstan. Some assessments are also given for other OTS member countries. Gold national currency can be introduced in the form of banknotes, bank accounts, and electronic money. The technical solution depends on the specifics and capabilities of each country, as well as on the preferences of local populations.

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