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Governor of Libyan Central Bank: It would be Better to have an Alternative to Dollar.

Summary: There is no alternative to the dollar as an international reserve currency at present, but it would be desirable if an alternative could be created, Libya's central bank governor said Thursday.

There is no alternative to the dollar as an international reserve currency at present, but it would be desirable if an alternative could be created, Libya's central bank governor said Thursday. Speaking at a financial forum in London, Farhat Omer Bengdara said the fact that the U.S. economy remains the largest economy in the world by a big margin makes it likely that the dollar will retain its reserve currency status. "But if there is an international currency it would be much better than the dollar, of course, if there is some creative opportunity in future for an international reserve currency," Bengdara said. Jordanian central bank Governor Umayya Salah Toukan, who was also present at the forum, agreed it wouldn't be easy to replace the dollar due to the size of the U.S. economy. He also said he isn't optimistic that attempts by Gulf Cooperation Council countries to create a new currency will succeed "because it has no economic content."

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Publication:UMCI News (Potomac Falls, VA)
Date:Oct 26, 2009
Words:205
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