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Iran to Join BRICS Development Bank, Central Bank Chief Says

Iran to Join BRICS Development Bank, Central Bank Chief Says
Countries
BrazilChinaEgyptIndiaIranRussiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional Development

Source: Modern Diplomacy | Original Published At: 2026-08-12 08:09:17 UTC

Key Points

  • Iran's central bank governor said Iran will soon become a member of the New Development Bank, the development lender established by BRICS.
  • The remarks were made ahead of a BRICS finance ministers and central bank governors meeting hosted by India, which holds the group's rotating chairmanship.
  • Iran joined BRICS in 2024 and has sought membership and shareholder status in the New Development Bank, which was established in 2015 by Brazil, Russia, India, China and South Africa.
  • NDB membership would provide Iran with another avenue for economic cooperation outside Western-dominated financial institutions, though benefits would depend on sanctions constraints.
  • Hemmati said Iran supports greater use of national currencies in BRICS trade and seeks bilateral and trilateral monetary cooperation with other BRICS members.
  • The New Development Bank has expanded beyond its original five members to include countries such as Egypt and the United Arab Emirates.
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