The Shanghai Cooperation Organization (SCO) is exploring the development of a unified internal payment system, currently under informal discussion, according to SCO Secretary-General Zhang Ming in an interview with Izvestia.
“Discussions on creating a unified payment system are ongoing in an informal setting. At the moment, efforts are underway to increase the use of national currencies in mutual settlements. In 2022, the Samarkand summit successfully adopted a concept to expand this share, and work in this direction is actively progressing,” Zhang Ming stated.
A special working group, which includes representatives from the central banks and finance ministries of member states, is also actively advancing this initiative, the Secretary-General confirmed.
“Our SCO Interbank Association is also involved in this effort,” Zhang Ming continued. “It’s certainly a complex task. We face numerous challenges, and there is still significant work to be done in political coordination. However, I am confident that progress will continue in this direction.”
Previously, Zhang highlighted that one of SCO's key economic cooperation goals is the free movement of capital, technology, and services within the organization.
GSV "Russia - Islamic World"
Photo: sco-russia2020.ru/Creative Commons 4.0
Based on materials from TASS