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.
