Iran Seeks New Development Bank Membership to Bypass US Dollar
Central Bank Governor Abdolnaser Hemmati announced Iran will join the BRICS-led New Development Bank to reduce reliance on the US dollar amid international sanctions.
Governor of the Central Bank of Iran Abdolnaser Hemmati announced that Iran will soon join the New Development Bank (NDB), the multilateral lender established by the BRICS group. Speaking in Jaipur, India, during a BRICS finance meeting, Hemmati stated that the NDB represents the most important result of cooperation among member countries.
Hemmati met with Reserve Bank of India Governor Sanjay Malhotra on August 12 to discuss strengthening monetary interactions and expanding bilateral cooperation. Iran, which joined BRICS in 2024, aims to establish monetary cooperation in national currencies to create alternative payment channels and reduce reliance on the US dollar. This strategy follows extensive US and international sanctions.
However, the NDB corporate communications division told Reuters it could not confirm the information regarding Iran's membership.
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