Iran to join BRICS development bank soon
Iran remains under sweeping US and international sanctions, and it has yet to reach a peace deal to end the current conflict with the US and Israel, giving Tehran added incentive to seek alternative financial channels outside the dollar system.
Iran is set to become a new member of the New Development Bank, a development lender established by the BRICS nations, according to central bank governor Abdolnaser Hemmati. This move comes as Iran seeks alternative financial channels outside the dollar system due to ongoing US and international sanctions, and the lack of a peace deal with the US and Israel.
Iran joined BRICS in 2024, expanding the group's economic ties among emerging economies. The New Development Bank, founded in 2015 by Brazil, Russia, India, China and South Africa, aims to finance infrastructure and sustainable development projects. Hemmati emphasized Iran's intention to become a member and shareholder of the bank during the first meeting of BRICS finance ministers and central bank governors hosted by India, which currently holds the rotating BRICS chairmanship.
Iran's central bank governor believes BRICS members could conduct trade using their national currencies and is seeking monetary cooperation with other BRICS nations.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
