“We are not currently planning to establish a common payment system within SCO, but we are actively working on boosting the use of national currencies in transactions,” Yermekbayev said in response to a question regarding a common payment system.

The SCO’s push for greater use of national currencies in trade has gained momentum in light of Western sanctions, particularly those targeting Russia over the ongoing conflict in Ukraine. The SCO Secretary-General emphasized that a special roadmap is in place to advance this initiative, which includes modifying national legislation and building the necessary infrastructure to support national currency payments among SCO member states.

Yermekbayev highlighted that some countries within the SCO have already started using national currencies in their trade agreements. This aligns with the organization’s broader goals of enhancing financial sovereignty and reducing dependence on external payment systems, particularly those dominated by Western powers.

In addition to this, there are ongoing discussions about creating new financial structures within the SCO framework, including a Development Bank, Development Fund, and Investment Fund. These structures aim to promote economic integration and regional development among member states.

While discussions about a potential common currency have also been taking place within the BRICS group, the idea faces challenges, with U.S. President Donald Trump threatening tariffs on BRICS nations if they move forward with a unified currency.

Founded in 2001 by Russia and China, the Shanghai Cooperation Organization has expanded over the years to include India, Pakistan, and several Central Asian nations. The organization continues to focus on improving economic collaboration and security cooperation, with Yermekbayev emphasizing that military drills conducted under SCO are strictly anti-terrorist in nature and not aimed at any specific nation.

As discussions around financial independence and economic integration continue within the SCO, the organization’s efforts to strengthen trade in national currencies mark a key step toward reducing reliance on external financial systems.

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