As the BRICS Finance Ministers and Central Bank Governors meeting is set to take place in India, Abdolnaser Hemmati, Governor of the Islamic Republic of Iran Bank of Iran, issued a statement through official media on August 12 local time, stating that Iran will soon join the Development Financial Institution established by the BRICS countries—the New Development Bank (NDB, also known as the 'BRICS Bank').
Hermati said: “One of the most important achievements of cooperation among BRICS members is the establishment of the New Development Bank, and our country will soon become a member of this bank.”
Reuters noted that Iran is still under comprehensive sanctions from the United States and the international community. Moreover, it has not reached a peace agreement with the United States and Israel to end the current conflict. This makes Tehran even more motivated to seek alternative financial channels beyond the US dollar system.
Reports indicate that Hemmati is currently attending a meeting of finance ministers and central bank governors of the BRICS countries, hosted by India. India is this year’s rotating chair country of the BRICS nations.
Gold Brick Nation members have been committed to reducing their reliance on the US dollar through promoting trade and financial transactions in their own currency. Herati stated that Iran believes Gold Brick Nation members can conduct trade using their own currencies and are seeking bilateral and trilateral currency cooperation with other members.
Public information shows that the BRICS cooperation mechanism began in 2006, involving China, Russia, India, Brazil, and South Africa. The land area of these member countries accounts for 26.46% of the world's total territory, and their population represents 41.93% of the world's total population. In recent years, the international influence of the BRICS countries has been continuously growing. On January 1, 2024, with Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia becoming official members, the number of BRICS member countries increased from five to ten.
The “BRICS Bank” was established in 2015 by China, Russia, India, Brazil, and South Africa, with the aim of providing funding for infrastructure and sustainable development projects. Since then, the bank has expanded its membership to include the UAE, Egypt, and other emerging economies. In recent years, Iran has repeatedly expressed its desire to become a member and shareholder of the “BRICS Bank”.
