Iran Set to Join BRICS Bank to Bypass Dollar

Iran is on the verge of joining the New Development Bank (NDB) of BRICS, a move that could expand its access to infrastructure financing and reduce its reliance on the dollar-dominated global financial system.

Iranian President Masoud Pezeshkian highlighted the potential of the bloc's development bank, saying it was established to facilitate investment among member states without dependence on the US dollar.

The NDB has approved 141 projects worth a combined $44 billion by the end of June 2026. Its main purpose is to finance infrastructure and sustainable development projects in emerging economies, without conditioning its loans on political or economic reforms.

For Iran, one of the key potential benefits of joining the NDB would be access to infrastructure financing outside dollar-based mechanisms. The use of local currencies in trade with BRICS members could also allow Iran to conduct a larger share of its transactions with countries such as China, Russia and India without routing payments through the US banking system.