Iran’s central bank chief announced Thursday that the nation plans to join the BRICS New Development Bank, marking a strategic move to strengthen economic ties within the coalition. Governor Abdolnasser Hemmati made the statement while visiting India ahead of next month’s BRICS Summit, expressing interest in establishing monetary cooperation agreements with member states.
The BRICS New Development Bank, founded by Brazil, Russia, India, China, and South Africa, provides financing for infrastructure and development projects across emerging economies. Iran would need to complete the bank’s accession process before becoming an official member, joining other prospective candidates including Uruguay, Colombia, Ethiopia, Angola, and Zimbabwe. Membership would open doors to funding for transportation, sanitation, digital infrastructure, and urban development initiatives.
Iran’s push toward BRICS intensifies as ongoing conflict with the U.S. and Israel compounds economic hardship. Western sanctions have long limited Iranian access to international capital markets, while the current military situation has accelerated currency depreciation, inflation, and economic contraction. By deepening relationships with BRICS nations—particularly China, its largest trading partner—Iran seeks alternative financial pathways to support its economy during a critical period.
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