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Members Of Shanghai Cooperation Council (China, Russia, India And The …Stans) Work To Wean Off USD For Transnational Payments

Members Of Shanghai Cooperation Council (China, Russia, And The ...Stans) Work To Wean Off USD For Transnational Payments
Map of the Shanghai Cooperation Organization. Red: Member states. Orange: Observer status. Yellow: Attendants status.
Image by Nikolay Kurbatov

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The Shanghai Cooperation Organization (SCO) was formed in 2001 as an economic, security and political alliance. The entity announced today it is continuing to move away from the USD, EUR and other currencies to settle transnational payments using local SCO currencies.

Member-states of the Shanghai Cooperation Organization (SCO) are working on a gradual transition to mutual settlements in national currencies as part of their financial cooperation development, SCO Secretary-General Vladimir Norov told TASS in an interview, reported Russian state news agency TASS.

“The countries have a common understanding that the consideration of a gradual transition to mutual settlements in national currencies can be an optimal vector for further developing financial cooperation within the SCO framework,” the official said. “This work has already begun. Representatives of the SCO Interbank Consortium are engaged in it. A new document has been outlined and mutually acceptable approaches for its implementation in the near term and the long term are being determined,” Norov noted.

This mechanism “can become not only an efficient tool to jointly overcome the pandemic’s consequences, but it will also make it possible to optimize the financial resources of SCO member-states, strengthen internal financial cooperation among member-countries of the organization and fortify investment activity,” he said. “This can be the basis aimed at securing transparent, predictable and stable conditions for the development of economic ties, growth in mutual trade and investment cooperation broadening the interests of the peoples of SCO countries,” the secretary-general explained.

“There is also a need to establish partner ties with international financial institutions, such as the Asian Infrastructure Investment Bank, the BRICS New Development Bank and the Silk Road Fund in order to fully unlock the organization’s investment potential, so that their capabilities are used to carry out joint cross-border projects within the SCO,” he added.

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