Iran presents proposals for creation of SCO bank

TABNAK, Jul. 01 - Iran presented technical and operational proposals for the creation of a Shanghai Cooperation Organisation development bank.

News ID: 7538

Date: 01 July 2026 - 23:32

Iran's central bank deputy presented technical and operational proposals for the creation of a Shanghai Cooperation Organisation development bank during a consultative meeting in Shenzhen, China.

Iran's deputy central bank governor presented technical and operational proposals for the creation of a Shanghai Cooperation Organisation development bank during a two-day consultative meeting in Shenzhen, China, stressing Tehran's willingness to play an active role in the new financial institution.

Abolfazl Koudehi, deputy for international relations at the Central Bank of Iran, attended the fourth consultative meeting in the southern Chinese city. The gathering brought together representatives of SCO member states and some observer countries to discuss technical, operational and implementation aspects of the proposed bank.

Strategic decisions were taken to accelerate the bank's establishment, according to a central bank statement. Koudehi outlined Iran's approach and put forward operational proposals to enhance the bank's effectiveness in facilitating economic interactions among member states.

Iran, a full SCO member, has sought to strengthen monetary and banking cooperation within the grouping and leverage its capacity for expanding economic exchanges. Tehran first proposed the creation of an SCO development bank at a meeting in Kyrgyzstan in late May, advocating for the use of national currencies in the bank's capital structure and independent financial settlement mechanisms.

The SCO groups China, Russia, India, Iran, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Belarus.