SCO financial leaders agree to strengthen co-op

The Shanghai Cooperation Organization's finance ministers and central bank chiefs said Friday that they believe the global recession is showing signs of ending.

But they said in a joint statement after their meeting that conflicts and uncertainty could jeopardize the recovery and it would be necessary for financial institutions to strengthen their cooperation to mitigate the negative impacts of the crisis.

The joint statement also said that the SCO finance ministers and central bank governors have agreed to promote constructive dialogue and regional cooperation among financial institutions to boost the economic development of member states.

The finance ministers and bank governors also discussed the monetary policies of various member states, and the possibility of using their own currencies in multi-lateral trade in the future, said Kazakh National Bank chairman Grigoriy Marchenko.

Marchenko said the Kazakh National Bank has both the capability and the money to keep its currency stable.

Source:Xinhua