The Shanghai Cooperation Organization (SCO) has decided in principle to start bilateral trade and other investments through bonds in their respective national currencies, abandoning the US dollar
By Ammar Sheikh March 17, 2020
The Shanghai Cooperation Organization (SCO) has decided in principle to start bilateral trade and other investments through bonds in their respective national currencies, abandoning the US dollar.
The eight-member SCO, which includes China, India, Russia, Pakistan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan made the decision and a roadmap will be finalized in a meeting scheduled on March 18 at Finance Ministers’ meeting of member countries.
Russia, which chairs the SCO has also called for suggestions from all member countries for the purpose and after a detailed review, a system would be introduced for member states.
In Pakistan, it was reported that the finance ministry had completed its preparations for the agenda of the meeting.
The SCO can also soon expand as Iran, Afghanistan, Belarus and Mongolia want to be a member of the organization and currently serve as observer countries.
The move could help member countries decrease their dependence on US dollar and could help member countries strengthen their own currencies. The final decision will be made in the SCO meeting in Moscow.
