The gold dinar. The project of the introduction of the gold dinar

Today, some of the world's financiers come to the conclusion that it is necessary to return to the gold standard. This is the name of the monetary system, when the currencies of states have a peg to gold. This idea wants to "cure" the global crisis. Economists consider this proposal in different ways: some of them consider the gold dinar to be a hopeless idea, others try to realize it.

Theoretical premises

The idea of creating a currency of Muslim countries that would be supported by gold is not new. It was mentioned by the Qur'an: it gives recommendations to Muslims to resort to using this money during transactions, both as savings, and for paying taxes.

The Koran prohibits usury, and most of the followers of this scripture believe that banknotes of paper are not money. This led to the fact that Islamic banking is a special system, where the Islamic Development Bank has the leading role. It was created by 55 eastern countries, on whose territory the main raw materials of the planet are concentrated. The economy of these Muslim states is growing rapidly, but it is very dependent on the US dollar. If the gold dinar were introduced, the dependence would be weakened. The rate of the dinar would be higher than the cost of one dollar. That is, in this case, in addition to economic, there is also a political background.

Opponents and supporters of the gold standard

Part of the economists (opponents) believes that there is a limited supply of gold in the world. And if the volume of the gold standard is equal to the stock of this metal, this will keep production growth. The level of extraction of the "yellow" metal is lower than the economy, and its reserves are unevenly distributed throughout the world. The movement of capital, on the contrary, is much freer than before.

Supporters believe that the gold currency will help stabilize the economy, reduce the level of inflation, because the state in this case will not at its own desire to issue banknotes that are not secured by precious metals.

The concept of the gold standard

The gold standard is called the monetary system, when the main settlement means is a limited amount of gold. In this case, the guarantee is given that the currency unit is exchanged for the same amount of gold. States for settlement with each other set the exchange rate, calculated on the ratio of their national currencies to gold (to one unit of weight).

The origins of the standard

It is known about the existence of several types of gold standard:

1. The first is the classic (gold coin): the money system was based on gold coins. Along with this, banknotes were also issued, which changed to coins according to the established rate, written on these bills. This system worked until the First World War began.
2. Then came the standard of gold bullion. The denominations could be exchanged for an ingot of gold weighing 12.5 kg. The rate of the dinar to the ruble was not exactly determined yet.
3. The third species is gold-digester. Occurred at the end of World War II. Its foundations were laid in Bretton Woods: America pledged to exchange gold at a rate of $ 35 for 31.1035 grams (troy ounce). Only states using their central banks had the right to change the American currency for gold. In August 1971, these operations were suspended due to a discrepancy between the real value of the American currency with respect to gold. A year later this standard was abolished altogether.

Attempts to revive

Two decades later, the world started talking again about the revival of the currency exchange for gold. Then they proposed to introduce a gold dinar.

Why the dinar? Most Islamic countries export oil and other resources of nature. Commodity exchanges around the world are trading in US currency, so countries are paid for their raw materials in US dollars or in figures on accounts. In fact, such figures are not provided with anything, therefore they are very unreliable.

This prompted the eastern countries to take a step towards reducing dependence on the dollar. In 2002, it was proposed to introduce the gold Islamic dinar as an international currency. It was not intended to be used in daily calculations. Essence - the reserves of this currency would be in the central banks of the states that would be participants of this system.

The currency of the Islamic state assumed the use of a system of netting. The foundation of the latter is bilateral contracts between the parties to the agreement. This would negate the issue of the lack of gold for the issue of coins.

The idea was this: the precious metal was exchanged for natural resources. The main exporters of energy resources are Turkey, the United Arab Emirates, Indonesia, Saudi Arabia, Malaysia. If the gold dinar were introduced, these countries would benefit greatly, since they would receive up to 20 tons of gold annually.

Despite the freeze of the project in 2003, in Malaysia, in one of the states, a dinar was coined, which was declared a legal currency along with the national one. But the federal government did not support such an initiative.

The idea is in the air

In the 1990s, Turkish authorities began insisting that the currency of the Islamic state begin to work. It was suggested that the dinar would become the currency of the Islamic G8. From the Libyan leader Muammar Gaddafi has also repeatedly heard the desire to abandon the European and American currencies in favor of switching to the Islamic dinar.

Embodiment into life

From that time on, the idea of Islamic currency began to be realized. E-dinar Ltd, whose headquarters is located in Malaysia, was opened.

This company is nothing but a bank that provides the opportunity to transfer money to dinars, though electronic ones. The weight of a gold dinar is 4.25 grams of gold. With the help of this bank, the funds are transferred to dinars, the necessary calculations are made, then you can reverse the conversion.

Users on a free basis open accounts, you just need to register and fill out the form on the site. The company's stores contain such a stock of gold bullion that will cover the requirements of all having electronic dinars. During the first few years, the company registered three hundred thousand accounts opened by customers from different corners of the world. In addition to the already mentioned E-dinar in the system, there is also E-Dirham, equal to three grams of silver.

Distribution of gold currency

The end of 2001 was marked by the official ceremony of introducing gold and silver currencies into circulation. Coins are distributed through specially registered companies. In offshore areas of the Emirates and Malaysia, gold dinar is already circulating.

As expected, the common currency of the Islamic states will be introduced before the beginning of 2011. However, this did not happen. The date of introduction of the gold standard into circulation was postponed to the beginning of 2015. But even then it did not happen. As expected, the head office of the Central Bank of this currency will be located in Riyadh, the capital of Saudi Arabia.

Impact on Russia

According to research, the largest amount of gold reserves is in the United States (about 8.2 thousand tons). Next comes Germany (3,4 thousand tons). Then - France and Italy (2.4 and 2.5 thousand tons respectively).

Talks about the gold dinar arose again after the crisis in 2008. However, Russia does not develop this topic, despite the fact that the appearance of such a currency may negatively affect the country's economy. Almost all the reserves our Central Bank keeps in American and European currencies. As a result, the very appearance and the exchange rate of the dinar will have a very negative impact on the financial stability of our country.

The whole world is still dependent on the dollar. Together with him, and Russia, which holds more than half of its reserves in US currency. To date, no one sees the alternative.

The affairs of the modern world

In mid-2015, the press again began to disseminate information that once again in the territory of one of the Islamic states, they want to introduce gold coins. The price of each will be $ 139.

Most economists agree that this is an attempt to demonstrate the seriousness of the intentions. But nothing related to reality there. Specialists consider this a disastrous option, because it is supposed to put into circulation money whose value has a tight binding to gold. It turns out that its specific reserves are needed. Return to the gold dinar is very costly.

On the other hand, it is important that there will be a paper currency that will receive reinforcements with gold. Since the volume of trade inside the Islamic state is small, there will be little gold needed to secure the coins. Then the attempt to revive the dinar is realizable.

Today, anyone can issue their own gold dinars, having gold, a 3D printer and a layout that is sent by e-mail to anyone who wants to. However, whether it is worth it, while it is completely not clear.

RF Response

Instead of the Russian ruble, they plan to introduce a new currency. The government of the Russian Federation since 2015 is discussing the possibility of the emergence of a new currency that would replace the Russian ruble in settlements between countries. The rate of the dinar to the ruble today is about 10.7 thousand rubles.

This explains the fact that in 2015 the Central Bank actively buys gold, since it is this precious metal that will be supported by a new type of national currency - the gold ruble.

The State Duma wants to change the ruble to another national currency in order to stabilize trading on the international market. To balance the rate and reduce the level of speculation with the ruble between the SCO member states, the EAEC, BRICS, it is proposed to put into circulation a gold ruble. He will be able to stabilize the exchange rate of the national currency when converting from the euro and the dollar. It is also expected that this currency minimizes the level of speculative actions with these and other foreign currencies.

According to the deputies, the transition to a new currency will be the beginning of an important period, which in the end will have a positive effect on the Russian economy. An example is the single currency of European countries.

In order for the new currency of Russia to appear, it is necessary to amend the Constitution. In addition to the gold ruble, it was proposed to use as a settlement between the countries of the yuan.

As everyone remembers, from the middle of 2014 the ruble rate began to fall actively. The President of the country then instructed the government to develop measures to strengthen the national currency, the weakening of which was caused by speculative actions.

Instead of concluding

Muammar Gaddafi was the last president who wanted to abandon the US currency as the main one in the calculations between the countries. He actively worked in this direction - he tried to put into circulation a gold dinar. Unfortunately, Gaddafi could not realize his ideas.

Gold coins, the price of which will be provided with gold, will most likely lead to the collapse of the economic system of the United States. However, today it is too early to talk about this: there is still no alternative to the dollar.

For a long time, the US dollar was the main currency in payments between states. The new millennium was marked by the appearance of a new currency - the euro. The European currency quickly took its place as the second world currency. The emergence of a completely new currency unit, which will have a different technology of circulation and philosophy, will make the "old people" leave their leading positions.

Taking into account the ability of Muslim countries to control prices on the world raw materials market, the transition to a gold dinar of Islamic states (participants of the Islamic Development Bank) will become a serious threat to the collapse of the currencies that are ruling today.