Overview
- Iran’s central bank governor, Abdolnaser Hemmati, told state media that the country will soon become a member and shareholder of the New Development Bank, a claim not independently confirmed by the bank in the coverage provided.
- Hemmati said Iran is pursuing expanded monetary cooperation with BRICS partners, including India, and supports using national currencies for trade to reduce reliance on the U.S. dollar.
- The New Development Bank was created by BRICS to fund infrastructure and sustainable development in emerging economies, and membership would give Iran access to that multilateral financing framework.
- Iran’s push for entry comes as its government cites severe wartime economic disruption, widespread layoffs and a prolonged nationwide internet blackout as reasons to seek alternative payment and lending channels.
- BRICS finance forums this month and the BRICS leaders’ summit in September are being framed by Tehran as diplomatic opportunities to formalize bank membership and deepen banking and digital‑economy ties with other members.