The International Monetary Fund said it is possible to take the "revolutionary" step of creating a proper currency out of its basket of currencies that central banks could use in their cash reserves.
The IMF's so-called special drawing rights would have to be delinked from other currencies and issued by an organisation such as a central bank in order to become liquid enough to be used as a reserve, IMF First Deputy Managing Director John Lipsky said at the St Petersburg International Economic Forum yesterday.
Meanwhile, Russian Finance Minister Alexei Kudrin yesterday said developed nations were dragging their feet over reforms of the International Monetary Fund, where Moscow wants to have a greater say.
"We already see a lot of foot-dragging and tripping-up along this path," Kudrin said speaking during the country's premier economic forum in Saint Petersburg. "There is a need to make the IMF a true representative of the world's leading economies. It is not there right now," he said, noting that China had a lower representation quota than Switzerland or Belgium.
The issue of IMF reform should therefore be raised "in earnest, in a bold way", Kudrin said, adding countries should be "represented in proportion to the strength of these economies and their role in the world economy".
Along with other major developing economies such as India and Brazil, Russia wants to increase its representation in the IMF and have a greater say in decision-making dominated by developed economies such as the United States.
The IMF is working to issue its very first bonds and Russia said late last month it was considering buying up to $10 billion worth of the bonds to help boost the institution's resources.
Russia has said the bond purchase would be in line with obligations it took upon itself at the G20 summit in April where it said it wants more power within the institution.
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