Transition to calculations in national currency will strengthen economies of member countries of the Shanghai Cooperation Organization (SCO) and secure national monetary systems. This was voices by economists of Kyrgyzstan, who support President Nursultan Nazarbayev’s idea on the need to diversify the basket of world currencies.
ZHUMAKADYR AKENEYEV, PHD IN ECONOMICS FROM KYRGYZSTAN:
- Nursultan Abishevich’s proposal implies that it is convenient for the SCO member countries to transition through to these mutual calculations to improve their economy and to achieve something in their economic programs. This would help Kyrgyzstan as one of the smallest countries of the Shanghai Cooperation Organization.
Experts believe that calculations on trade and economic transactions in tenge, rubles or yuan will help increase the share of national currency and, as a result, strengthen them. This will allow increasing multilateral trade and the investment attractiveness of the SCO member countries by reducing risks associated with exchange rate fluctuations.
ABDYBALY TEGIN SUERKUL, KYRGYZ ECONOMIST:
- Why do we buy wheat from Kazakhstan in USD? Why not to buy in tenge or rubles? I wholeheartedly support Nazarbayev and what he intends to do.
The transition to calculations in national currencies will be ensured by a corresponding roadmap. The President of Kazakhstan addressed this recommendation to the national banks of the SCO member states during the last summit of the Shanghai Cooperation Organization in Qingdao. Nursultan Nazarbayev highlighted that a new system of mutual calculations will allow transitioning from a bilateral to a multilateral level of implementation of trade investment projects between the countries of the organization. The most important aspect is that diversification of the basket of world currencies will increase the degree of economic security of the SCO member countries.