Published
04/21/2026, 12:00In Bishkek, where a meeting of experts and coordinators from the Shanghai Cooperation Organization Interbank Association is taking place, participants have moved from discussions to developing practical solutions.
A key outcome of the meeting was the agreement to prioritize the use of national currencies in mutual settlements. This represents a systemic shift—from the dominance of reserve currencies to an expansion of the share of settlements in the currencies of member states.
According to the participants, this approach will reduce currency risks, decrease dependence on external financial centers, and enhance the stability of settlements amid exchange rate volatility. An additional benefit is the reduction in transaction costs and the simplification of financing for joint projects within the region.
In effect, the foundation is being laid for a new model of financial cooperation within the SCO, where national currencies become a priority rather than a secondary instrument.
The discussion is taking place in the context of preparing the development strategy for the SCO Interbank Association for 2027–2031. The approaches agreed upon may form the basis for the long-term transformation of the association’s settlement infrastructure.
Representatives of banks from Belarus, India, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan are participating in the meeting. The Kyrgyz side is represented by Eldik Bank, which holds the presidency of the association in 2026 and serves as the host.
