Banks from member states of the Shanghai Cooperation Organisation (SCO) have agreed to prioritise the use of national currencies in mutual settlements, reports
Akchabar, a partner of TV BRICS.
The decision was discussed within the framework of the SCO Interbank Consortium, where participants are working on practical measures to deepen economic ties and improve the efficiency of cross-border transactions.
Experts note that expanding settlements in national currencies could significantly reduce transaction costs, mitigate exchange rate risks and ease access to financing for joint projects. Within the SCO framework, it is seen as a foundation for a more balanced model of economic interaction, where national currencies play a central rather than auxiliary role.
The discussions are part of preparations for the consortium’s development strategy for 2027–2031. The document is expected to outline priorities such as expanding financial cooperation and improving coordination between development institutions.
Experts also highlighted the importance of harmonising regulatory approaches, developing new financial instruments and strengthening digital solutions to support cross-border payments. Increased use of national currencies could further stimulate trade and investment flows within the SCO space, particularly in infrastructure, energy and industrial projects.
Representatives of banks from Belarus, India, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan are taking part in the discussions, reflecting the broad geographic scope and economic potential of the organisation.