Iran to join BRICS development bank soon, central bank chief says

Abdolnasser Hemmati, governor of the Central Bank of Iran, announced that Iran will soon join the New Development Bank (NDB), the lender established by the BRICS group. The statement was made ahead of a meeting of BRICS finance ministers and central bank governors in India. The NDB was founded in 2015 by Brazil, Russia, India, China, and South Africa to finance infrastructure and sustainable development projects. Hemmati, as reported by state media, described the establishment of the bank as a significant result of cooperation among BRICS members. Iran, which joined the BRICS bloc in 2024, is seeking alternative financial channels to mitigate the impact of sweeping US and international sanctions and reduce reliance on the US dollar. However, the NDB’s corporate communications division told Reuters that it could not confirm information regarding Iran’s membership. BRICS members are currently promoting trade and financial transactions in national currencies, and Hemmati indicated that Iran is pursuing bilateral and trilateral monetary cooperation with other members of the group.