Iran central bank governor says country will soon join BRICS development bank

Iran's central bank governor Abdolnaser Hemmati said Iran will soon become a member of the New Development Bank, the development lender established by the BRICS group of nations, according to a state media report published on Wednesday ahead of a BRICS finance ministers and central bank governors meeting in India.

The NDB 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. Uzbekistan became its 10th member on June 5.

Iran joined BRICS in 2024 as the group expanded, and has since made clear its desire to become a member and shareholder of the NDB. NDB membership is open to members of the United Nations, as well as to borrowing and non-borrowing member countries, according to the bank.

Iran remains under sweeping U.S. and international sanctions and has not reached a peace deal to end the current conflict with the U.S. and Israel. BRICS members have sought to reduce reliance on the U.S. dollar by promoting trade and financial transactions in national currencies.

Hemmati said Iran believed BRICS members could conduct trade using their national currencies and was seeking bilateral and trilateral monetary cooperation with other members. India holds the rotating BRICS chairmanship this year.

• The source does not state a specific timeline or date for Iran's accession to the NDB.
• The source does not state what conditions or steps remain before Iran's membership is formalized.
• The source does not state whether any current NDB members have formally endorsed or opposed Iran's membership application.
• The source does not state the total current membership count of the NDB beyond identifying Uzbekistan as the 10th member.
• The source does not state the outcome or any decisions reached at the BRICS finance ministers and central bank governors meeting in India.

1. The Straits Times — original

Read the original at The Straits Times

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