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.
Iran intends to become a member of the New Development Bank (NDB) in the near future, according to central bank governor Abdolnaser Hemmati. This announcement comes ahead of a BRICS finance meeting in India, following Iran's 2024 membership in the BRICS group. Despite facing sanctions from the US and other international entities, Iran continues to pursue alternative financial channels outside the dollar system.
The NDB, established in 2015 by Brazil, Russia, India, China, and South Africa, was created to finance infrastructure and sustainable development projects among its member nations. Hemmati emphasized that Iran sees potential for BRICS nations to conduct trade using their respective currencies and is aiming for bilateral and trilateral monetary cooperation with other members.
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