Overview
- Central Bank governor Abdolnaser Hemmati told state-affiliated Tasnim on Wednesday that Iran will "soon" become a member of the New Development Bank, the development lender set up by BRICS.
- The announcement is reported by Iranian state media and quoted by multiple outlets but has not been independently confirmed by the NDB or other BRICS members.
- Hemmati met Reserve Bank of India Governor Sanjay Malhotra on the sidelines of BRICS meetings in India to discuss closer banking ties, monetary cooperation and digital-economy links between Tehran and New Delhi.
- Iran says it aims to use bilateral and trilateral currency arrangements to reduce reliance on the U.S. dollar and secure alternative payment channels while under sweeping sanctions and economic strain.
- The New Development Bank, founded by BRICS in 2015 to finance infrastructure, has expanded membership since 2024; any benefit to Iran will hinge on formal NDB admission and approval by existing member states.