Logvinov: SCO members increasing share of national currencies in mutual settlements

The Shanghai Co-operation Organisation (SCO) member states continue to gradually increase the share of national currencies in mutual payments – as stated by SCO Deputy Secretary General Grigory Logvinov, TASS reports

“This year, the main efforts were focused on continuing to implement the SCO roadmap to gradually increase the share of national currencies in mutual settlements [between countries],” Logvinov said at a meeting with the SCO press club.

He also noted that due to destructive processes in the world community, more and more countries in the world are thinking about other payment systems and a departure from the US Dollar payment system that developed in the 20th century.

According to his information, work in this direction is being carried out within the framework of a specially created expert group, which includes representatives of the SCO central banks and finance ministries. The roadmap was signed in September 2022, with six expert meetings already taken place.

“Specialists are conducting a thorough analysis of the differences in legislation on currency regulation, identifying limiting factors and possible ways to eliminate them,” he added.

Logvinov drew attention to the fact that now a significant amount of settlements in Russian-Chinese trade are made in national currencies. He is confident that the experience of bilateral formats will also be useful for multilateral interaction schemes.