Nursultan Nazarbayev Suggested Creating SCO Single Supranational Currency
16.06.2009 12:21

The President of Kazakhstan Nursultan Nazarbayev suggested starting work on creation of a single supranational unit of account of the Shanghai Cooperation Organization. It was declared by him at the summit of the Heads of the SCO member states that are being held now in Yekaterinburg.

“I suggest looking into the possibility of a single national unit of account introduction connected with principal regional currency basket,” said N. Nazarbayev.

According to him, this unit “could be used in trade-economic settlements between the SCO countries because the national currency in the quality of a regional or reserve currency is an old scheme exhausted its potential long ago and designed to allow the only country offering its national currency as the regional or reserve currency to gain advantages unilaterally.”