Dar Advocates for National Currencies at SCO to Mitigate Economic Shocks

DUSHANBE: Deputy Prime Minister and Foreign Minister Ishaq Dar urged members of the Shanghai Cooperation Organisation (SCO) on Tuesday to adopt national currencies for mutual settlements and to establish financial mechanisms aimed at mitigating international financial shocks. His remarks were made during the SCO Council of Heads of Government (CHG) meeting in Tajikistan’s capital.

Dar emphasized the importance of using national currencies as a strategy to enhance economic resilience among member states. He highlighted that the CHG serves as the SCO’s second-highest decision-making body, guiding economic, financial, and trade cooperation, alongside addressing budgetary matters.

The call for increased use of national currencies reflects a growing recognition among SCO members of the need to reduce dependency on major global currencies, which can be vulnerable to fluctuations and geopolitical tensions. This initiative could potentially strengthen economic ties within the region and provide a buffer against global economic uncertainties.

Looking ahead, the SCO is expected to explore further collaborative efforts in financial mechanisms and trade agreements that prioritize national currencies. Upcoming meetings will likely focus on developing actionable strategies to implement these proposals effectively.