Iran's Central Bank Governor Announces Upcoming Membership in BRICS Development Bank

Iran's central bank chief says the country will soon become a member of the New Development Bank, the financial arm of the BRICS bloc.

At a press briefing in Dubai, Iran's central bank governor Abdolnaser Hemmati announced that Tehran will soon join the New Development Bank, the lending institution established by the BRICS coalition. The statement was made prior to the first gathering of BRICS finance ministers and central bank governors hosted by India, which holds this year's rotating chairmanship. Iran, still subject to broad U.S. and global sanctions and lacking a peace settlement with the United States and Israel, is looking for financial channels outside the dollar framework.

The New Development Bank, launched in 2015 by Brazil, Russia, India, China and South Africa, has expanded its membership to include the United Arab Emirates, Egypt and, most recently, Uzbekistan. Hemmati highlighted that BRICS members aim to reduce reliance on the U.S. dollar by conducting trade in their own currencies and that Iran seeks bilateral and trilateral monetary cooperation within the bloc. While the bank's communications office could not confirm the membership claim, Iran's intention to become a shareholder has been clear since it joined BRICS in 2024.