DEPENDENCE ON US DOLLAR CAN THREATEN ECONOMIC PROGRESS: JOKOWI

Jakarta, 4 Safar 1437/16 November 2015 (MINA) – Dependence on the US dollar could have the potential to threaten global economic progress, according to Indonesian President Joko Widodo, better known as Jokowi.

“Heavy reliance on the US dollar has caused global distortions, and now, it could potentially threaten global economic progress,” President Jokowi remarked during the G20 Working Session-I here on Sunday, Antara News Agency quoted by Mi’raj Islamic News Agency (MINA) as reporting.

The Indonesian head of state affirmed that it was now time for a total overhaul of the global financial architecture.

It is important to remember that the main problem currently being faced by the worlds economy is the waning liquidity of the US dollar in almost all developing countries or emerging markets of the world.

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Moreover, since the euro currency came into existence in 1999, there is no world currency or a new global reserve currency.

Furthermore, President Jokowi emphasized that developing countries should immediately implement fundamental economic reforms.

“Real economic reforms are needed to rebuild the credibility of the market and regain the confidence of investors and economic actors,” Jokowi reiterated.

According to the Indonesian president, fundamental economic reforms need to be followed up with strong financial liquidity, so that the country does not experience turmoil due to disruption in liquidity. (T/P010/R04)

Mi’raj Islamic News Agency (MINA)