Iran will soon join the New Development Bank, a lender established by the BRICS group of nations, according to central bank governor Abdolnaser Hemmati.
Background
Iran remains under sweeping U.S. and international sanctions, and it has yet to reach a peace deal to end the current conflict with the U.S. and Israel, giving Tehran added incentive to seek alternative financial channels outside the dollar system.
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 infrastructure and sustainable development projects. It has since expanded its membership to include the United Arab Emirates, Egypt and other emerging economies.
Cooperation Among BRICS Members
Hemmati said Iran believed BRICS members could conduct trade using their national currencies and was seeking bilateral and trilateral monetary cooperation with other members.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
