On 21 February 2023, Kazakhstan chaired a videoconference meeting of the Expert Group on implementing the roadmap to gradually increase the share of national currencies in mutual settlements between the SCO member states. The meeting was attended by representatives of finance and economic ministries and national (central) banks of the concerned member states, as well as officials from the SCO Secretariat.
During the meeting, the parties discussed further practical steps to create conditions for the functioning of the settlement system in national currencies, including the methodology for analysing differences in currency control laws, as well as the current state and prospects of expanding the use of national currencies in transactions between the SCO member states.
The roadmap for gradually increasing the share of national currencies in mutual settlements was approved by the SCO Heads of State Council in September 2022 in Samarkand. The document is aimed at creating conditions for the system’s functioning and boosting transactions in national currencies between SCO member states.