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

Iran is set to become a member of the New Development Bank (BRICS Bank), according to an announcement by Central Bank of Iran Governor Abdolnaser Hemmati on Tuesday. The BRICS Bank, a multilateral development bank, aims to mobilize resources for infrastructure and sustainable development in emerging markets. Hemmati stated that "productive cooperation has commenced between our country and India in the areas of monetary affairs, banking, and the digital economy" and expressed that the upcoming BRICS summit in September will be a key opportunity for further engagement. Iran anticipates economic benefits from this membership, particularly through trade using national currencies among BRICS member nations. This development comes as Iran's economy faces a crisis, with an estimated two million people having lost jobs due to war-related disruptions, sanctions, and an internet blackout.