Iran advances toward membership in BRICS New Development Bank

Abdolnasser Hemmati, Governor of the Central Bank of Iran, has announced that Iran is advancing toward official membership in the BRICS New Development Bank (NDB). This move follows Iran's entry into the BRICS group in January 2024, reflecting a desire to strengthen economic ties among emerging economies.

The NDB, headquartered in Shanghai, was established in 2015 by the founding BRICS nations—Brazil, Russia, India, China, and South Africa—to finance sustainable infrastructure and green development projects. The bank has recently expanded its membership to include nations such as the United Arab Emirates, Egypt, Algeria, and Uzbekistan.

In addition to seeking NDB membership, there is a broader push among BRICS members to reduce reliance on the U.S. dollar by promoting trade and financial transactions using national currencies. While Hemmati has signaled Iran's intent, the NDB's corporate communications division has not officially confirmed the membership details.