Iran to join BRICS development bank soon, central bank chief says
DUBAI, United Arab Emirates — Iran will soon join the New Development Bank, the development lender established by the BRICS group of nations, central bank governor Abdolnasser Hemmati said in a state media report published on Wednesday ahead of a BRICS finance meeting in India.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.The NDB’s corporate communications division told Reuters it could not confirm information regarding Iran’s membership.Iran joined BRICS in 2024 as the group expanded, in a move aimed at deepening economic ties among emerging economies, and it has since made clear its desire to become a member and shareholder of the NDB.The bank was set up by Brazil, Russia, India, China and South Africa in 2015 to finance…
Iran's central bank governor, Abdolnasser Hemmati, announced on Wednesday that Iran will soon join the New Development Bank (NDB), the development lender established by the BRICS group of nations. This announcement comes ahead of a BRICS finance meeting in India. Iran, which joined BRICS in 2024, seeks alternative financial channels outside the dollar system due to existing US and international sanctions. The NDB, founded in 2015 by Brazil, Russia, India, China, and South Africa to finance infrastructure and sustainable development, has expanded its membership to include countries like the UAE and Egypt. Hemmati stated, "The most important result of cooperation among BRICS member countries is the establishment of the New Development Bank, and our country will soon become a member of this bank." BRICS members are also exploring trade in national currencies to reduce reliance on the US dollar.
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