Iran Aims to Ditch Dollar with BRICS Bank Membership Bid

Iran's President Masoud Pezeshkian announced plans to join the New Development Bank (NDB), established by BRICS countries, before departing for India to attend the 18th BRICS Summit. The move is seen as a strategic step to reduce Iran's dependence on the US dollar and promote trade in local currencies.

The NDB was established in July 2015 in Shanghai by the five founding BRICS countries, with the primary objective of providing financial support for infrastructure and sustainable development projects in emerging economies. By the end of June 2026, the NDB had approved 141 projects worth approximately $44 billion, expanding its membership to 10 countries including Uzbekistan.

Iranian Finance Minister Seyed Ali Madanizadeh emphasized the importance of reducing dependence on Western currencies and promoting local currency use. He highlighted that for Iran, which is facing sanctions, this move could be a key achievement through BRICS cooperation.