Iran will join bank created by Brazil and other Brics countries

Iran will soon join the New Development Bank, a financial institution created by the BRICS group of countries, said the president of the Iranian central bank, Abdolnaser Hemmati, in a state media report published this Wednesday (12), before a meeting of the bloc's finance ministers in India. Iran remains subject to comprehensive sanctions from the US and the international community and has not yet reached a peace agreement to end the current conflict with the US and Israel, giving Tehran an additional incentive to seek alternative financial channels outside the dollar system. Iran joined BRICS in 2024, when the group expanded, in an initiative that aimed to deepen economic ties between emerging economies, and has since made clear its intention to become a member and shareholder of the NDB. The bank was created by Brazil, Russia, India, China and South Africa in 2015 to finance infrastructure and sustainable development projects. It has since expanded its member base to include the UAE, Egypt and other emerging economies. “The most important result of cooperation between BRICS member countries is the creation of the New Development Bank, and our country will soon become a member of this bank,” Hemmati said, according to state media. Hemmati participates in the first meeting of BRICS finance ministers and central bank presidents, organized by India, which holds the rotating presidency of BRICS this year. BRICS members have sought to reduce dependence on the US dollar by promoting commercial and financial transactions in national currencies.