Sunday, 24 September 2023 08:22 GMT

Russia invites trading associates to use its SWIFT substitute

(MENAFN) Russian financial messaging system (SPFS), which is the nation’s version of SWIFT, has extended an invitation to SCO associates to join. Maxim Reshetnikov, the minister of economic development for the nation, stated on Tuesday that Moscow aims to increase the amount of transactions in domestic currencies.

Reshetnikov made this statement in a video message to attendees of the SCO meeting in Uzbekistan, “in order to ensure uninterrupted cooperation between our banks, we suggest that members of the organization join the Russian financial messaging system.”

Reshetnikov pointed out that the SCO nations must continue to push for complete national payment system interoperability and increase the number of cross-border payments in domestic currencies.

Reshetnikov also mentioned that “we already see positive results, for example, a quarter of the trade turnover between Russia and China is settled in rubles and yuan.”

Eight countries now make up the SCO: China, India, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Pakistan, and Uzbekistan. Afghanistan, Belarus, Iran, Mongolia, Armenia, Azerbaijan, Cambodia, Nepal, Turkey, and Sri Lanka are also allies and associates. The group works mostly on security-related problems but also on regional development projects.


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