Iran will soon join the BRICS New Development Bank, Iranian Central Bank Governor Abdolnasser Hemmati announced Wednesday during the BRICS summit in India.
Hemmati called the New Development Bank the most important achievement of cooperation among BRICS member states. He praised India's presidency of the group and noted that good cooperation had begun between Iran and India in monetary, banking, and digital economy fields.
The Central Bank governor said the BRICS summit provided an important opportunity to meet officials from member states with which Iran conducts significant monetary and banking exchanges. Hemmati stated that Iran believes BRICS members could conduct trade with each other using national currencies, and that Tehran was pursuing bilateral and trilateral monetary cooperation with BRICS member states.
The New Development Bank was established in 2015 by Brazil, Russia, India, China, and South Africa to support infrastructure and sustainable development projects in BRICS nations and other emerging economies. In 2021, the NDB launched an expansion program aimed at becoming a platform for promoting broad cooperation among emerging markets. The bank currently has 10 member countries.
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