BISHKEK, Kyrgyzstan, May 29. Finance ministers
and central bank governors from the Shanghai Cooperation
Organisation (OIC/SCO) member states plan to accelerate the
expansion of local currency settlements and refine cross-border
infrastructure, Trend
reports via the National Bank of Kyrgyzstan.
The issues were discussed during a high-level ministerial
meeting chaired by the Kyrgyz Republic in Bishkek, concluding with
the signing of an official joint protocol.
The member states plan to coordinate joint monetary policies to
safeguard their domestic banking systems against global financial
volatility.
The delegates noted significant progress in multilateral
consultations regarding the establishment of the SCO Development
Bank, which the participating states plan to utilize as a primary
vehicle for funding large-scale infrastructure corridors.
Moving forward, the ministries and central banks plan to expand
the use of national currencies in mutual trade settlements to lower
transaction costs and enhance regional financial independence.
