Iran Offers Plan to SCO to Set Up Joint Bank

Date: 06 June 2025 - 22:44

News ID: ۱۴۰۳۰۹

TEHRAN – The governor of the Central Bank of Iran (CBI) Muhammad Reza Farzin says Iran has proposed establishing the joint bank with the member states of the Shanghai Cooperation Organization (SCO) to strengthen monetary and banking cooperation.
Farzin, who has traveled to China to participate in a meeting of governors of the central banks of ECO member states, stated that exploring avenues for increasing monetary-banking cooperation among member states of the organization as well as holding bilateral meetings with the counterparts has been cited as the main aim of his visit to China.
The establishment of a common comprehensive bank that can carry out a portion of the monetary and banking transactions among member states of the organization is on the agenda of this meeting, he underlined.
CBI governor described Shanghai Cooperation Organization (SCO) as an important regional organization, noting that 10 countries, including major economies such as China, India, and Russia, are members of this organization, accounting for 45% of the world’s population and have a very high share of the global economy.
Setting up a joint bank between Iran and SCO member states and also creating infrastructures for conducting the financial transactions are of the two main topics followed up on at the meeting, Farzin emphasized.
The Governor of the Central Bank of Iran left Tehran for Beijing, the capital of China, on Sunday to attend the meeting of central bank governors of the Shanghai Cooperation Organization member countries and meet and discuss with his counterparts in this economic organization on the sidelines of the meeting.
Farzin recently went to Oman to develop banking and monetary relations between Tehran and Muscat.