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Iran to join BRICS development bank soon, central bank governor says

Middle East News

12-08-2026 | 04:30

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Iran to join BRICS development bank soon, central bank governor says

Iran will soon join the New Development Bank, the development lender established by the BRICS group of nations, central bank governor Abdolnaser Hemmati said in a state media report published on Wednesday ahead of a BRICS finance meeting in India.

Iran remains under sweeping U.S. and international sanctions, and it has yet to reach a peace deal to end the current conflict with the U.S. and Israel, giving Tehran added incentive to seek ⁠alternative financial channels outside the dollar system.

Iran joined BRICS in 2024 as the group expanded, in a move aimed at deepening economic ties among emerging economies, and it has since made clear its desire to become a member and shareholder of the NDB.

Reuters

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