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Vladimir Putin and SCO Leaders Praise Interbank Association Documents Initiated by VEB.RF

10 november 2020 года
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As stated in the Moscow Declaration of the Council of Heads of State (CHS) of the Shanghai Cooperation Organisation, “the member states support promoting the potential of the SCO Business Council, the SCO Interbank Consortium and the business communities' joint initiatives to step up cooperation on projects in the areas of finance, high technology, transport and communication infrastructure, power generation, and investment in the SCO space”. The declaration was approved by today’s meeting attended by the heads of state of the SCO member states and observer states via videoconferencing.

The leaders took particular note of the Russian initiative to formulate and adopt the SCO Interbank Consortium’s Road Map for coping with the repercussions of the COVID-19 pandemic for the organisation’s economies as well as the Joint Approaches to the use of national currencies within the SCO. As a reminder, the documents were signed on 6 November at the final meeting held by the Council of the SCO Interbank Consortium in Moscow via videoconferencing and chaired by VEB.RF Chairman Igor Shuvalov.

“We hope that the achievements of Russia’s presidency will help to create a more stable growth model with social, environmental and epidemiological considerations,” Igor Shuvalov said at the meeting. “We’ve raised interbank cooperation to a new level in the past year to expand economic cooperation among the SCO countries, whose importance was stressed by Russian President Vladimir Putin.”

In accordance with the road map mentioned at the CHS meeting, the parties intend to be active in sharing their experience of crisis-fighting measures and support for companies, industries, small and medium-sized enterprises, create a base of potential projects for joint investment, develop a mechanism and instruments for long-term lending to infrastructural projects with substantial outcomes related to the Sustainable Development Goals, stimulate the green finance market and give particular attention to projects contributing towards the UN Sustainable Development Goals.

According to the other document, the Joint Approaches to the wider use of national currencies within the SCO, the development banks of the association’s countries acknowledge the importance of expanded lending in national currencies and their priority in implementing joint projects and “consider it reasonable to combine forces to establish mechanisms for mutual access to liquidity in national currencies”.

“The need to switch over to payments in national currencies is a fact of life in the SCO,” VEB.RF Deputy Chairman Daniil Algulyan said. “The use of national currencies not only helps to strengthen the financial sovereignty of the countries involved, but also contributes to developing their capital markets, enhancing their investment potential, encouraging their economic growth and promoting regional economic integration.”

He mentioned the intergovernmental agreement signed by Russia and China in June 2019 to switch to payments in national currencies, using the national payment infrastructure of Russia’s Financial Messaging System (SPFS) and China’s Cross-Border Interbank Payment System (CIPS). The November meeting of the Council of the SCO Interbank Consortium also announced that the National Bank of the Republic of Uzbekistan for Foreign Economic Activity had been connected to SPFS. In addition, Russia and Belarus have made significant progress in the transition to payments in roubles.


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