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

Iran is preparing to become a member of the New Development Bank (NDB), the development finance institution founded by the BRICS nations, central bank governor Abdolnaser Hemmati announced. The announcement came ahead of a BRICS finance meeting hosted by India, which currently holds the group's rotating chairmanship.

This move signifies Iran's strategic effort to deepen economic cooperation with emerging economies and establish financial channels independent of the US dollar. Iran joined the expanded BRICS group in 2024, expressing a clear intention to join and invest in the NDB. The bank, initially established by Brazil, Russia, India, China, and South Africa in 2015, finances infrastructure and sustainable development projects and has since broadened its membership.

Governor Hemmati, attending the BRICS finance ministers and central bank governors' meeting, highlighted the NDB as a key outcome of BRICS cooperation. He reiterated Iran's interest in conducting trade using national currencies and pursuing bilateral and trilateral monetary cooperation with other member states. The NDB's membership is open to all UN members, with Uzbekistan being the most recent addition in June.

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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.