The governor of the Central Bank of Iran (CBI) announced on Monday that the Islamic Republic had submitted a proposal for the establishment of a joint bank for member states of the Shanghai Cooperation Organization (SCO).Mohammadreza Farzin, who traveled to China to attend the SCO Central Bank Governors Meeting, stated, "We have submitted the proposal to establish a joint bank for SCO member states to the organization and will follow up until results are achieved," ISNA reported.Farzin described the purpose of his trip as examining strategies to enhance monetary and banking cooperation among member states, as well as holding bilateral meetings with SCO central bank governors."Establishing a comprehensive joint bank to handle part of the monetary and banking transactions among members is on this meeting’s agenda," he added.The CBI governor described the SCO as an important regional organization, noting, "Ten countries – including major economies like China, India, and Russia – are members, representing 45% of the world’s population and a significant share of the global economy."Regarding the SCO Central Bank Governors Meeting’s agenda, Farzin stated, "This meeting pursues two main objectives. One is establishing the SCO Joint Bank with participation from all members, and the second is creating infrastructure for financial transactions. We support both initiatives."He emphasized that, "We support a bank that pursues development goals while maintaining commercial functionality.""If we can establish settlement and financing infrastructure among SCO members, we can distance ourselves from the unilateralism long practiced by the World Bank and International Monetary Fund (IMF). This creates an opportunity for Eastern and regional nations to pursue multilateral objectives in monetary and banking operations," Farzin added. (ICE TEHERAN)

Fonte notizia: IRAN DAILY