Dec 7, 2020, 11:02 AM
Journalist ID: 1114
News Code: 84137892
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SCO required to set up Asian Interbank network modeled upon SWIFT

Tehran, Dec 7, IRNA – Shanghai Cooperation Organization (SCO) member states need to set up Asian Interbank network modeled upon SWIFT, the Brussels-based Society for Worldwide Interbank Financial Transaction to regulate free trade and business ties.

The SCO heads of state held a meeting via video conference last Monday when Iranian First Vice-President Eshaq Jahangiri called for devising regional banking and financial mechanisms to enable the independent regional states to go ahead with free trade and business ties away from arbitrary sanctions of world powers.

SWIFT is actually a mechanism devised to create coordination for free trade and business ties of the world countries but it has now distanced from its goal and turned into an instrument for imposition of sanctions.

He emphasized the necessity for adopting national currencies or a single currency for trade and business relations of the member states to replace dollar in the SCO.

Russian Prime Minister Mikhail Mishustin said in the meantime that doing trade by means of national currencies is one of the main priorities of SCO.

Mishustin, as like as Jahangiri, underlined the necessity to devise a unique interbank mechanism to finance the joint projects.  

Kazakhstan has earlier called for boosting trade among member countries by means of national currencies and reducing reliance on the US dollar.

In line with its ambitious economic goals, China is also seeking to replace the US dollar with national currencies within the framework of the great “One Belt, One Road” project.   

It is clear that replacement of the US dollar in interbank financial ties among the SCO member states is demanded by most or even all the member states. However, it is the time for the SCO member states to adopt a single currency and regulate free trade and business ties modeled upon SWIFT.

Translated by: Ahmad Mohammadi

Edited by: Safar Sarabi

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