Iran Joins BRICS' New Development Bank

Iran is preparing to take a significant step in deepening its financial relations with BRICS countries, despite ongoing international sanctions. Having joined BRICS in 2024, Iran now aims to become a member and shareholder of the group's development bank. Iran's Central Bank President Abdolnaser Hemmati made this announcement before the BRICS finance ministers and central bank governors meeting, hosted by India. Hemmati also stated that Iran supports the increased use of national currencies in trade among BRICS members. BRICS countries are working on mechanisms to increase the use of national currencies in bilateral trade and financial transactions, aiming to reduce dependence on the US dollar. Iran is also seeking to develop bilateral and trilateral monetary cooperation with other BRICS members.