Iran believes SCO and BRICS should follow path of de-dollarisation

BRICS and SCO should go down the path of de-dollarisation and trade in national currencies, Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari told Russian media, according to Gazeta.ru.

Safari expressed the opinion that in the future BRICS will create a single currency for settlements, and before that the countries will carry out transactions in national currencies. At the same time, both BRICS and SCO (Shanghai Cooperation Organisation) should follow the path of de-dollarisation.

One of the ways to realise this idea in the future, Safari said, is the creation by the NDB (New Development Bank of BRICS) of a fund of different currencies, in which a single currency will be adopted. On this basis, member countries will be able to borrow from the bank and conduct trade transactions.