In a significant development for international finance, Iran is poised to become a member of the New Development Bank (NDB), the prominent multilateral financial institution established by the BRICS bloc of nations. This announcement was made by Abdolnaser Hemmati, the Governor of Iran’s Central Bank, on Wednesday, August 12, 2026. Hemmati’s remarks, disseminated through Iranian state media, preceded an important gathering of BRICS finance ministers and central bank governors, which was hosted by India.Highlighting the strategic importance of the NDB, Hemmati emphasized that its creation represents a “most important result of cooperation among BRICS member countries,” and unequivocally stated, “our country will soon become a member of this bank.” This move follows Iran’s admission to the broader BRICS group in 2024, a period marked by the bloc’s expansion.
Since then, Tehran has actively pursued deeper economic integration with the BRICS nations and has consistently expressed its aspiration to secure membership and a shareholder stake in the New Development Bank.The NDB, officially launched in 2015 by the founding BRICS members—Brazil, Russia, India, China, and South Africa—was conceived with the primary objective of funding substantial infrastructure and sustainable development initiatives. Over the years, its membership has broadened to encompass other key economies, including the United Arab Emirates and Egypt, reflecting its growing influence.Iran’s anticipated accession to the NDB occurs amidst a particularly challenging economic climate for the nation.
The country continues to grapple with the pervasive impact of extensive sanctions imposed by the United States and the broader international community. Compounding these difficulties are the economic repercussions stemming from its protracted geopolitical tensions with Washington and Israel. These formidable pressures have significantly amplified Tehran’s interest in exploring and engaging with financial mechanisms that operate independently of the traditional, dollar-centric global financial system.Concurrently, within the BRICS framework, there has been a discernible and increasing dialogue among member states regarding the reduction of their collective reliance on the U.S. dollar. This strategic reorientation includes a focus on enhancing the utilization of national currencies for bilateral trade and financial transactions. Governor Hemmati vocalized his support for this approach, expressing confidence in the potential for BRICS countries to expand their trade volumes by leveraging their own currencies.
Furthermore, he indicated that Tehran is actively engaged in cultivating bilateral and trilateral monetary cooperation initiatives with other member states.For Iran, the prospect of joining the New Development Bank offers a vital new channel for securing the necessary financing for its development projects. It also presents an opportunity to solidify and strengthen economic partnerships with nations situated beyond the established Western financial sphere. This strategic alignment is consistent with Tehran’s overarching objective of diversifying its financial relationships, particularly as ongoing sanctions continue to constrain its access to conventional international markets and capital.
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