Iran Moves to Join BRICS Development Bank, Seeking Alternatives to Dollar
Iran is moving toward membership in the New Development Bank (NDB), the financial institution established by the BRICS countries, as Tehran seeks to expand financial ties with emerging economies and reduce its dependence on the U.S. dollar.
Iranian Central Bank Governor Abdolnaser Hemmati said Iran would soon become a member of the NDB and has expressed interest in becoming both a member and shareholder. However, the bank’s formal approval is still required.
Tehran is also pushing for greater use of national currencies in trade and monetary cooperation with BRICS members, potentially creating additional channels for cross-border transactions outside the dollar-based financial system.
For Iran, the move is particularly significant as the country remains under extensive U.S. and international sanctions, limiting its access to Western financial markets.
The NDB itself is designed primarily to finance infrastructure and sustainable-development projects, meaning membership would not automatically remove sanctions or eliminate Iran’s dependence on the dollar. But it could give Tehran another financial channel and deepen its economic integration with the BRICS bloc.