Abdolnasser Hemmati says Tehran seeks stronger banking cooperation, national-currency trade and deeper financial ties with BRICS members

NEW DELHI: Iran will soon become a member of the New Development Bank (NDB), commonly known as the BRICS Bank, Iranian Central Bank Governor Abdolnasser Hemmati announced while attending the BRICS summit in India.

Hemmati described the NDB as one of the most significant achievements of cooperation among BRICS countries. He said Iran’s expected membership would create new opportunities for Tehran to strengthen financial and economic engagement with other members of the bloc, according to Tasnim News Agency.

Moreover, the Iranian official praised India’s presidency of BRICS and highlighted growing cooperation between Tehran and New Delhi in several economic sectors.

Tehran Seeks Deeper Financial Cooperation

Hemmati said the BRICS summit provided Iran with an important platform to expand monetary and banking relations with fellow member states.

He added that Tehran wants to develop bilateral and trilateral monetary arrangements with other BRICS countries as part of efforts to diversify its international financial relationships.

Furthermore, Hemmati said Iran and India had expanded cooperation in monetary policy, banking and the digital economy. He indicated that both countries see considerable potential for strengthening financial connectivity and developing new mechanisms for economic exchanges.

BRICS Members Explore National-Currency Trade

Meanwhile, BRICS countries are discussing ways to increase monetary and financial cooperation, including greater use of national currencies for bilateral and multilateral trade.

Hemmati said such arrangements could facilitate commercial transactions among member states and deepen economic integration within the grouping.

Iran views participation in the NDB as an important component of its broader engagement with BRICS institutions. The bank finances infrastructure and sustainable development projects in emerging economies.

Consequently, Tehran hopes membership will strengthen its access to BRICS-backed financial mechanisms while supporting investment, trade and development cooperation.

Hemmati said Iran would continue discussions with fellow BRICS members to establish practical monetary frameworks and expand cooperation across banking, finance and the digital economy.