Payments in National Currencies Surge to 92% Among SCO Members

Payments in national currencies among members of the Shanghai Cooperation Organization (SCO) have surged to 92%, marking a significant shift away from the dominance of the U.S. dollar. This move follows similar efforts by the BRICS economic bloc and aims to strengthen economic ties and promote a multipolar world order. Russia’s Deputy Minister of Economic Development, Dmitry Volvach, highlighted the substantial increase in the use of national currencies, which had risen from 40% in 2022. The SCO, which includes Russia, China, India, and recently added Iran, encourages the use of local currencies for financial exchanges. Both the SCO and BRICS have been actively promoting the reduction of reliance on the U.S. dollar in global trade by increasing the use of national currencies. This week, China and Russia furthered their cooperation in currency and finance within the BRICS framework, emphasizing the use of local currencies, enhancing payment infrastructure, and advancing mutual investments.