Iran to become member of BRICS Bank, increasing economic cooperation, trade - report

Iran is set to become a member of the BRICS Bank, a move that will likely enhance economic cooperation and trade within the group, according to Iran's Central Bank Governor, Abdolnaser Hemmati. The BRICS organization, comprising Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates, focuses on economic and geopolitical collaboration.

Established by BRICS, the New Development Bank (BRICS Bank) aims to fund infrastructure and sustainable development projects in emerging markets and developing countries. Hemmati disclosed that Iran is expected to join the BRICS Bank soon, anticipating various economic benefits from the partnership. Notably, productive cooperation is already underway between Iran and India in areas such as monetary affairs, banking, and the digital economy, as reported by Tasnim News Agency.

The next BRICS Summit is scheduled for September, providing an ideal occasion for Iran to meet with members with whom it has the most extensive monetary and banking exchanges. Hemmati expressed the hope that BRICS nations can engage in trade using their respective currencies, and Iran is actively pursuing bilateral and trilateral monetary cooperation with these members.

Iran's economy has been in crisis following its war with the United States, leading to widespread layoffs and a prolonged internet blackout. According to The New York Times, the conflict has resulted in over one million job losses, with an additional two million people indirectly unemployed. Iranian Deputy Labor Minister, Gholamhossein Mohammadi, confirmed these figures during an interview with Tasnim.