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News > Iran

Iran Suggests the Shanghai Pact to Create a Single Currency

  • President Raisi: Iran's membership in Shanghai Pact provides a good platform for regional development.

    President Raisi: Iran's membership in Shanghai Pact provides a good platform for regional development. | Photo: Twitter @Iran_GOV

Published 2 June 2022

Iran is proposing to the Shanghai Cooperation Organization (SCO) to create a single currency for financial-trade exchanges between member countries.

Iran's Deputy Foreign Minister for Economic Diplomacy Mehdi Safari said on Wednesday, while talking to a TV reporter,  that Iran has sent an official letter to the Shanghai Cooperation Organization (SCO) proposing “the creation of a single currency” to boost economic relations among its member countries.


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According to the Iranian official, the creation of a single currency among SCO members will facilitate financial exchange in the bloc, especially with economically powerful countries such as China, India, and Russia.

Safari said that Iran's proposal will be taken up at the next SCO summit, to be held in September in Uzbekistan, indicating that he hopes this offer will come to fruition.

Regarding Iran's membership in the SCO, approved last September, the Iranian deputy foreign minister made it clear that the country is trying to speed up the process of joining this alliance in order to fully benefit from interaction with members in various fields, especially the economic one.

The SCO is a very important multilateral organization because its member states cover more than one third of the world's population, and its backbone has been built by two large countries in the political and economic sectors: China and Russia.

In fact, as of September 17, Iran became the ninth member country of the economy-oriented regional mechanism, while it had been an observer country in the organization since 2005.

In addition to China, Russia, and the Islamic Republic of Iran, the SCO is made up of Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Uzbekistan, and India.

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