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Shanghai Cooperation Organization (SCO) Ramps Up De-Dollarization

The Shanghai Cooperation Organization’s (SCO) members are reportedly gearing towards speeding settlements in national currencies, according to Russian President Vladimir Putin’s statement at the SCO summit in Astana, Kazakhstan. 

Initiated in 2001, the SCO is an economic and security bloc that covers a large part of Eurasia and accounts for over 20% of global GDP. The organization includes China, Russia, India, Iran, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Belarus.

14 countries, including Egypt, hold SCO dialogue-partner issues, which gives them access to participate in the organization’s specialized events.

Putin also revealed that SCO members have increased the use of national currencies in mutual settlements, stating “For example, their share in Russia’s commercial transactions with members of the organization has already exceeded 92% in the first four months of this year.” 

The trend to trade in their own respective national currencies instead of the US dollar is spreading far and wide following Russia’s removal from the Western financial system and the freezing of its foreign assets in 2022.

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