Iran to join BRICS Bank
Iranian Central Bank Governor Abd Nasser Hemmati announced that Iran will soon join the "New Development Bank" established by the BRICS countries, with the aim of reducing reliance on the dollar and enhancing financial cooperation among member states. This comes amid ongoing U.S. sanctions and the lack of a peace agreement with the United States and Israel, prompting Iran to seek alternative financial channels. Iran's accession to the bank, which was founded in 2015 and has since been revalued, aims to strengthen its economic relations with BRICS countries and lessen dependence on the US dollar-based international banking system. During the meeting hosted by India, Iran expressed its desire to become an active member of the bank, with a focus on conducting trade transactions in local currencies among members.
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