Foreign Relations

Iran Says It Will Join BRICS Bank and Expand National-Currency Trade

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Courtroom-sketch editorial illustration of ten BRICS foreign ministers standing shoulder-to-shoulder on a low stage, with their reflections visible across a polished floor.

Iranian Central Bank Governor Abdolnaser Hemmati said Iran is set to join the New Development Bank, known as the BRICS Bank, in the near future. He said Iran has begun monetary, banking and digital-economy cooperation with India and is pursuing bilateral and trilateral trade in national currencies with BRICS members. The next BRICS summit is scheduled for September. The announcement comes as Iran faces sanctions and wartime disruption, with Iranian officials reporting more than one million jobs lost and another two million people directly or indirectly unemployed.

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