Iran to join BRICS development bank soon, says central bank governor
Ongoing sanctions and conflict with the US are driving Iran to explore alternative financial channels beyond the dollar system.
DUBAI: Iran is on the verge of joining the New Development Bank, a development lender established by the BRICS group of nations, according to central bank governor Abdolnaser Hemmati. This move comes as Iran seeks to reduce its dependence on the US dollar and explore alternative financial channels outside the dollar system, given the country's ongoing sanctions from the US and other nations.
Iran became a member of BRICS in 2024, with the group expanding its membership to include the United Arab Emirates, Egypt and other emerging economies. Hemmati, who is attending the first BRICS finance ministers and central bank governors meeting hosted by India this year, stated that Iran believes BRICS members can conduct trade using their national currencies and is pursuing bilateral and trilateral monetary cooperation with other members.
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- Iran to join BRICS development bank soon, says central bank governor freemalaysiatoday.com
