The next scientific seminar of the Scientific Institute for Economic Research (SIER) under UNEC was held.

At the seminar, Salman Najafov, the senior research fellow of SIER (Scientific Institute for Economic Research) made the presentation on the topic “The theoretical and practical issues of using the national currencies in the international trade”. The speaker quoted in his speech that, the global financial crisis and the decline in national currencies in the world economy indicated the existence of contradictions  and the necessity of the new approaches for eliminating these contradictions. S. Najafov  pointed out, that in the present situation the 70 percent of the world trade carried out in terms of dollar, while the dollar was the national currency as well as the world currency, thus negatively affected the stability of the global curerency system, which caused the instability in the world economy. According to him, the decline in the scope of the world trade in the recent years increased the risk of inflation. To reduce the risk of inflation, the Central Bank of US (FES) has been implementing  the rigorous monetary policy since 2015, which is accompanied by the fall in the majority of national currencies.

At the seminar was noted, that  the number of countries had announced their intention to carry out the foreign trade in the national currencies in order to reduce the dependence on the dollar and increase the stability of the national currencies. However, the instability and low liquidity of the national currencies create the barrier for using the national currencies in foreign trade.

The seminar continued with the discussions.