WANA (Jun 02) – Governor of the Central Bank of Iran, Mohammad Reza Farzin, announced that Tehran has officially proposed the establishment of a joint bank for member states of the Shanghai Cooperation Organization (SCO).

 

Speaking during his visit to China for the SCO Central Bank Governors’ Meeting, Farzin emphasized that Iran will pursue this proposal until a final outcome is reached.

 

The purpose of Farzin’s visit is to explore ways to strengthen monetary and banking cooperation among SCO members and to hold bilateral meetings with central bank heads from participating countries.

 

He noted that creating a joint comprehensive bank capable of facilitating financial transactions among member states is a key item on the meeting’s agenda.

 

Describing the SCO as a major regional organization, Farzin highlighted that its 10 member states—including major economies like China, India, and Russia—represent 45% of the world’s population and hold significant weight in the global economy.

 

Farzin said the meeting is focused on two main objectives: establishing a joint SCO bank with full member participation, and developing infrastructure for financial exchanges. He voiced Iran’s strong support for both goals.

 

“We support the creation of a bank that serves both development and commercial purposes,” he added. “If we can establish financial settlement and funding infrastructure among SCO members, we will reduce reliance on the unilateralism long seen in institutions like the World Bank and IMF, and instead create a platform for regional and eastern countries to pursue multilateral objectives in banking and finance.”

The 22nd summit of the Shanghai Cooperation Organization in Samarkand, with the presence of Dr. Raisi / President’s office / WANA (West Asia News Agency)