Use of local currencies on SCO agenda: Iranian official
Shanghai Cooperation Organization (SCO) aims to increase the use of local currencies in trade among its member states, an Iranian official said on Wednesday.
Kaveh Daliri, the director general of East Asia and the Pacific at Iran’s Trade Development Organization, said the utilization of national currencies had become an “important economic focus” of the SCO.
“Until about three years ago, only 0.5% of the commercial transactions were conducted using currencies other than the US dollar. However, this has now reached approximately 5%, becoming increasingly prevalent in many countries worldwide,” Daliri added, according to Mehr news agency.
He noted that the SCO was established with security objectives but it has now expanded its scope to cover economic, commercial, banking, scientific, technological, and even cultural aspects.
Regarding the global attitude toward the SCO, Daliri highlighted the overwhelmingly positive response from nations.
“It is anticipated that these favorable perspectives will continue to improve, as numerous countries have expressed willingness to join the organization,” he added.
Daliri further explained that Iran’s recent accession to the SCO was a strategic move based on its anticipation of the new world order.