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Russian PM offers creating SCO’s own bank payment system

"We consider it possible to use national platforms of interbank telecommunications as reserve channels in mutual payments," Mikhail Mishustin noted, adding that "such a comprehensive approach will offer more predictable, clear and reliable conditions for businessmen" of SCO member-states

MOSCOW, November 1. /TASS/. Russian Prime Minister Mikhail Mishustin offered creating the Shanghai Cooperation Organization’s (SCO) own bank payment system at a meeting of the Council of SCO government heads on Tuesday.

"The general goal is to become independent of the influence of third countries in the financial sector. For doing this we suggest that the SCO’s own system of financial data electronic exchange and bank payments be created," he said.

"We consider it possible to use national platforms of interbank telecommunications as reserve channels in mutual payments," Russian PM noted, adding that "such a comprehensive approach will offer more predictable, clear and reliable conditions for businessmen" of SCO member-states.

Mishustin also considers it important "to step up the shift to national currencies." "Such payments in particular will start dominating gradually," he concluded.

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