Iran to join BRICS Bank, boosting economic ties amid crisis

Iran is poised to become a member of the BRICS New Development Bank, a move expected to bolster economic cooperation and trade with the bloc's member nations. The announcement was made by the Governor of the Central Bank of Iran, Abdolnaser Hemmati, according to reports from Iranian media.

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Productive cooperation has commenced between our country and India in the areas of monetary affairs, banking, and the digital economy.

The BRICS group comprises eleven countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates. It functions as an economic and geopolitical bloc prioritizing trade and development. The New Development Bank, often referred to as the BRICS Bank, is a multilateral development institution established by BRICS members to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries.

Hemmati expressed optimism about the potential economic benefits for Iran, stating, "Productive cooperation has commenced between our country and India in the areas of monetary affairs, banking, and the digital economy." He highlighted the upcoming BRICS Summit in September as a crucial opportunity to engage with officials from member nations with whom Iran maintains extensive monetary and banking exchanges. Iran advocates for conducting trade using national currencies and is actively pursuing bilateral and trilateral monetary cooperation with these members.

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The BRICS summit offers a prime opportunity to meet with officials from member nations with whom our country maintains its most extensive monetary and banking exchanges and interactions.

This potential integration into the BRICS financial structure comes as Iran's economy is in crisis. The country is grappling with the aftermath of a war with the US, compounded by international sanctions, infrastructure damage, and a government-imposed nationwide internet blackout. These factors have triggered mass layoffs across various industries, with Iranian officials estimating that approximately two million people have lost their jobs directly or indirectly due to the conflict and prolonged internet disruptions. The Deputy Labor Minister indicated that the conflict alone resulted in over one million job losses, with an additional two million people becoming unemployed.

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We believe that BRICS member nations can conduct trade using their national currencies, and we are pursuing bilateral and trilateral monetary cooperation with these members.