Iran advances proposal for SCO development Bank

Iran's Deputy Central Bank Governor for International Relations, Abolfazl Koudehi, unveiled a series of technical and operational proposals during the fourth SCO consultative meeting held over two days in Shenzhen, China.

The meeting brought together representatives from SCO member states and observer countries to discuss the institutional framework, operational structure, and implementation roadmap for the proposed development bank.

According to a statement from the Central Bank of Iran, participants reached strategic understandings aimed at accelerating the bank's establishment.

During the discussions, Koudehi outlined Tehran's vision for the institution and proposed measures to strengthen its role in facilitating trade, investment, and financial cooperation among SCO members.

Iran, which became a full member of the SCO in 2023, has consistently advocated for deeper banking and monetary cooperation within the organization.

At an earlier meeting in Kyrgyzstan in late May, Tehran proposed that the new bank's capital be based on member states' national currencies and supported the creation of independent financial settlement mechanisms.

The Shanghai Cooperation Organisation comprises China, Russia, India, Iran, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Belarus.