Iran Backs Formation of SCO Bank

The governor of the Central Bank of Iran expressed Tehran’s support for the idea of establishing a joint bank of the Shanghai Cooperation Organization (SCO).

News ID: ۲۰۰۱۴۱۲

10 June 2025

Mohammad Reza Farzin has travelled to China to attend a meeting of the governors of central banks of the SCO member states.

Speaking to reporters, the top Iranian banker said the two main topics on the agenda of the meeting are the formation of a joint SCO bank and the establishment of infrastructures for financial transactions.

He also expressed Iran’s support for the idea of setting up the SCO bank.

Farzin stated that clearance and funding mechanisms among the SCO member states can help them deal with the unilateral policies that have been enforced for years by the World Bank and the International Monetary Fund (IMF).

The SCO is a Eurasian political, economic, international security and defense organization established in 2001. It is the world's largest regional organization in terms of geographic scope and population, covering 42% of the world population.

Iran joined the group in July 2023./mehr