Iran to join BRICS development bank soon, central bank governor says

Amidst sweeping U.S. and international sanctions, and ongoing tensions with the U.S. and Israel, Iran is actively seeking alternative financial avenues beyond the U.S. dollar system. Iran officially joined BRICS in 2024 as part of the bloc's expansion, aiming to strengthen economic connections among emerging economies. The country has since expressed its intention to become a member and shareholder of the New Development Bank.

The bank, founded in 2015 by Brazil, Russia, India, China, and South Africa, finances infrastructure and sustainable development projects. Its membership has grown to include countries like the United Arab Emirates and Egypt.

"The most important result of cooperation among BRICS member countries is the establishment of the New Development Bank, and our country will soon become a member of this bank," Hemmati was quoted as saying by state media. He is attending the first meeting of BRICS finance ministers and central bank governors, hosted by India, which currently holds the rotating BRICS chairmanship.

BRICS members have been working to reduce their reliance on the U.S. dollar by promoting trade and financial transactions in their respective national currencies. Hemmati indicated that Iran believes BRICS members can conduct trade using their national currencies and is pursuing bilateral and trilateral monetary cooperation with other member nations.