Efforts to transition to trade in national currencies in the Shanghai Cooperation Organization (SCO) can no longer be stopped, according to Russian Foreign Minister Sergey Lavrov. During a meeting with his colleagues in India, Moscow’s top diplomat also discussed the similar initiative within BRICS.
Sergey Lavrov Convinced SCO Countries Will Switch to National Currencies, Won’t Rule Out Single Fiat
There is understanding about increasing the use of national currencies in settlements between the member states of the SCO, Russian Minister of Foreign Affairs Sergey Lavrov said after conferring with counterparts in Panaji, capital of the Indian state of Goa.
To achieve that, Lavrov believes participants can apply practices that are being formed in the Eurasian Development Bank, the Asian Bank for Reconstruction and Development, and the New Development Bank established by the BRICS bloc.
“All this was discussed. All of this is very relevant. All this is now being considered by the relevant departments, ministries of finance, central banks,” Lavrov was quoted as saying by the Tass news agency. He also emphasized:
This work is underway, and, in general, it cannot be stopped.
The head of the Russian diplomacy also reminded about the proposal put forward by President of Brazil Luiz Inacio Lula da Silva on the transition towards payments in national currencies in the BRICS group of emerging economies (Brazil, Russia, India, China, and South Africa).
The topic has been also discussed at the SCO meeting, including the creation of “some
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Author: Lubomir Tassev
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