25 Apr 2023 10:31

SCO drafting roadmap for transition to settlements in national currencies

MINSK. April 25 (Interfax) - The Shanghai Cooperation Organization (SCO) is working on a roadmap for the transition to settlements in the national currencies of its member countries, the deputy secretary general of the organization, Grigory Logvinov said in an interview with state TV channel Belarus 1.

"Serious and substantive work is being done. The process is far from simple because, unfortunately, the dollar is too deeply imbedded as a global reserve currency, including in national currency systems," Logvinov said.

He said "much still needs to be done and a fairly long path must be travelled" before the dollar is abandoned completely. "As for the introduction of some common SCO currency, this issue is not currently on the table and such a goal is not being set at this point. But in future, we'll see," Logvinov said.