Iran to Join BRICS New Development Bank

Iran is set to join the New Development Bank, the multilateral lender established by the BRICS bloc, as Tehran seeks to build alternative financial channels outside the U.S. dollar system. Central Bank Governor Abdolnaser Hemmati announced the upcoming accession on Wednesday, August 12, 2026, ahead of a BRICS finance ministers and central bank governors meeting hosted by India.

"The most important result of cooperation among BRICS member countries is the establishment of the New Development Bank, and our country will soon become a member of this bank," Hemmati said, according to Iranian state media. The announcement marks a significant step in Iran's integration into the economic alliance following its full admission to BRICS in 2024.

The New Development Bank was founded in 2015 by the original BRICS members: Brazil, Russia, India, China, and South Africa. The institution focuses on financing infrastructure and sustainable development projects across emerging markets. It has since expanded its membership to include countries such as the United Arab Emirates and Egypt. Iran's expected accession would further broaden the bank's reach.

Hemmati made the remarks while attending the...