Mohammad Reza Farzin, the governor of the Central Bank of Iran (CBI), has embarked on a trip to China for a summit where he will join his counterparts from the Shanghai Cooperation Organization (SCO) member states.

Farzin left Tehran for Beijing on Sunday evening to take part in the SCO central bank governors’ summit, according to a news release by the CBI.

The event, slated for June 3, will focus on enhancing monetary and banking cooperation among SCO member countries, with core discussions revolving around innovative mechanisms to elevate financial and monetary transactions, among others.

Participants in the summit will also engage in high-level bilateral dialogues, seeking to foster deeper economic synergy and reinforce intergovernmental banking partnerships.

Representing approximately 25% of global gross domestic product and 40% of the world’s population, the SCO plays a decisive role in facilitating economic integration, commercial advancements, and security cooperation among its affiliates, unveiling new avenues for reducing dependency on the U.S. dollar.

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