MOSCOW (Pakistan Point News / Sputnik - 03rd November, 2019) Big changes are needed to switch to settlements in national currencies within the framework of the Shanghai Cooperation Organization (SCO), and discussion on this issue continues, though at a slow pace, Russian Economic Development Minister Maxim Oreshkin said on Saturday.
"The process is ongoing. It is not going fast. Very big changes are needed in the regulatory framework, in creating instruments and in the interconnection of banking systems. There is also such a thing as a habit. Everyone is used to making settlements in the currencies they traditionally used, and the transition does not happen quickly," Oreshkin said at a briefing after a meeting of the SCO council of heads of government, answering the relevant question.
Oreshkin recalled that Russia would host a seminar for SCO member states on this issue early next year, during which it is planned to discuss issues of integration of banking and financial systems.
According to the minister, the transition to mutual settlements will give greater independence of financial systems, stability against external shocks, as well as reduce influence of third countries and trade and boost economic interaction in the region.
