Iran Says It Will Soon Join BRICS Development Bank

Ahead of a BRICS finance meeting in India, Iran’s central bank governor, Abdolnaser Hemmati, announced in a state media report that the country will soon become a member of the BRICS group’s development lender, the New Development Bank.

With the ongoing confrontation between the US and Israel and the imposition of severe sanctions by both the US and other international organizations, Iran is more motivated to look for non-dollar means of financing its economy.

Reuters was informed by the NDB’s corporate communications division that the organization could not verify claims about Iran’s participation.

Iran became a member of BRICS in 2024 as the group grew, with the goal of strengthening economic links among developing nations. Since then, it has expressed its intention to join and own shares in the NDB.

In order to fund sustainable development and infrastructure projects, South Africa, Brazil, Russia, India, and China established the bank in 2015. Its membership has subsequently grown to encompass Egypt, the UAE, and other developing economies.

“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,” Hemmati told the press.

This year, India is hosting the inaugural meeting of the BRICS finance ministers and central bank governors, and Hemmati is there. India is rotating as the BRICS chairperson.

In an effort to diversify their economies away from the dollar, the BRICS countries have been pushing for more trade and financial activities denominated in their own currencies.

According to Hemmati, Iran is looking for trilateral and bilateral monetary cooperation with other BRICS members and thinks they can trade using their national currencies.

Countries that are both borrowing and non-borrowing members of the NDB are welcome to apply for membership, according to the bank. On June 5, Uzbekistan joined as its tenth member.