Iran to Join New BRICS New Development Bank

Iran is set to gain entry into the New Development Bank, the multilateral lending institution founded by the BRICS bloc, as Tehran seeks to establish alternative financial channels outside the dominance of the U.S. dollar.

Central Bank Governor Abdolnaser Hemmati announced the upcoming accession ahead of a BRICS financial summit hosted by India.

The move marks a key step in Iran's efforts to deepen its integration within the economic alliance following its full admission to the group in 2024.

"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," Hemmati said, according to state media.

Tehran remains under comprehensive U.S. and international sanctions while engaged in active conflict involving Washington and Israel.

These pressures have heightened Iran's push to secure shareholding status in the multilateral lender and expand non-dollar trade frameworks.

Established in 2015 by Brazil, Russia, India, China, and South Africa, the New Development Bank funds infrastructure and sustainable growth initiatives across emerging markets.

The institution has previously broadened its roster beyond its founding members to include nations such as Egypt and the United Arab Emirates.

Attendance at the India-hosted gathering of BRICS finance ministers and central bank governors highlights Tehran's focus on local-currency trade.

Member states have increasingly prioritized bilateral and multilateral monetary arrangements to minimize exposure to the greenback.

Hemmati emphasized that Iran favors conducting commercial transactions using domestic currencies among BRICS partners, confirming that Tehran is actively pursuing bilateral and trilateral monetary agreements across the bloc.