Mishustin says SCO needs its own payment and settlement system

By Rhod Mackenzie

The member countries of the Shanghai Cooperation Organization (SCO) should contemplate the matter of establishing their own payment and settlement system while improving exchange trading in their respective national currencies.

According to the Russian Prime Minister Mikhail Mishustin's statement during the meeting of the Council of Heads of Government of the SCO States,

"We are progressively utilising our native currencies in transactions." "It may be worthwhile to consider establishing an independent regional payment and settlement mechanism, alongside ensuring currency conversion on national exchanges," suggested theRussian cabinet leader.
He stressed the importance of "ongoing removal of legal and administrative barriers and simultaneous creation of a modern payment infrastructure" for favourable economic cooperation.

According to the Prime Minister, the development of trade between the SCO states will be facilitated, in part, by implementing plans for transport infrastructure projects. "Last year, the Shanghai Cooperation Organization approved the concept of developing interconnectivity and creating effective transport corridors." I propose that my colleagues increase their active involvement in the implementation of this significant document. They should instruct the relevant departments to take necessary measures and commence the development of a draft international agreement regarding the use of our states' transit potential," stated Mikhail Mishustin.