Iran has proposed that the Shanghai Cooperation Organization (SCO) introduce a new single currency for trade by its member states.
The announcement was made by Mehdi Safari, Iran’s Foreign Minister for Economic Diplomacy on Wednesday.
He said that the Islamic Republic made the proposal in a letter it sent to the Shanghai Cooperation Organization almost two months ago.
Safari added that the country will make follow-ups and expressed hope that the proposal is approved by the organization.
He also said that the use of a single currency by the SCO member states help them resolve issues they face in trade.
Back in September 21, Iran’s bid to become a full member of the Shanghai Cooperation Organization was unanimously approved by the bloc’s seven permanent members.
Safari said that Iran is currently engaged in preparing required documents so that it can practically enjoy the benefits of a full member and increase its interactions with other parties to the organization.
