Tuesday, January 31, 2023
HomeCurrency RatesThe SCO Member States Decided to Conduct Trade in Local Currencies

The SCO Member States Decided to Conduct Trade in Local Currencies

All the members of the Shanghai Cooperation Organization (SCO) have decided to continue the bilateral trade in local and national currencies instead of dollars. In this reference, countries including China, Russia, and Pakistan will finalize and signed a road map at  SCO’s Finance Ministers’ meeting in the coming few weeks.

The chairman of the Shanghai Cooperation Organization has asked the member for the suggestions for trading and investing in local currencies. As per the details, Pakistan has completed its preparation for the meeting with SCO’s Finance Minister.

Central banks of China, India, Russia, Pakistan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan will attend the SCO conference in Moscow along with the representatives from the finance ministries.

It will be a big revolution if the trade and investment among the members of the SCO begin in national currencies instead of US dollars. It will also strengthen the national currencies of the member countries and boost bilateral trade. 

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