Share of national currencies in Russia's settlements with SCO members tops 92% in Jan-April 2024 - Putin

ASTANA. July 4 (Interfax) - Shanghai Cooperation Organization (SCO) member states are stepping up the use of national currencies in mutual settlements, and the share of such currencies in Russia's commerce with other members topped 92% in the first four months of 2024, Russian President Vladimir Putin said.

"Our countries are increasing the use of national currencies in mutual settlements. For instance, their share in Russia's commercial transactions with other members of the organization exceeded 92% in the first four months of this year," Putin said at a meeting of the SCO Council of the Heads of State.

He reminded summit participants of Russia's proposal create a SCO payment and settlement mechanism and said that regular meetings of economy and finance ministers and governors of central banks made a weighty contribution to the development of trade and investment in the SCO.