The SCO is creating its own payment system

The creation of a unified payment system within the Shanghai Cooperation Organization is being discussed in an informal format, the organization's Secretary General Zhang Ming said.

According to him, work is currently underway to increase the share of national currencies in mutual settlements, as well as on the transition to free movement of goods, technologies and services throughout the SCO space.

"In 2022, the Samarkand Summit was successfully held, at which the concept of increasing the share of settlements in national currencies was adopted. There is also a special working group with the participation of representatives of Central Banks and Ministries of Finance of states. Work on this line is actively progressing. As for non-governmental institutions, our SCO interbank association is also dealing with this issue. Of course, this is not an easy task. Now we are facing a number of difficulties, and more work needs to be done on political coordination. I am convinced that work in this direction will continue to move forward," Channel Five quoted the SCO Secretary General as saying.

One of the main tasks of the organization now is to create a more rational and just world order, said Zhang Ming.