Iran has announced its intention to join the New BRICS Development Bank

The governor of the Central Bank of Iran, Abdolnaser Hemmati, stated that the country is set to join the New BRICS Development Bank soon. CNBC reported this, citing the Iranian state news agency Tasnim.

According to Tasnim, Hemmati is in India ahead of the BRICS summit scheduled for next month. He stated that Tehran seeks to establish bilateral and trilateral currency cooperation with the bloc’s member states.

The New Development Bank was founded by Brazil, Russia, India, China, and South Africa to mobilize resources for infrastructure and sustainable development projects in emerging and developing economies. If Iran joins, it will be able to apply for funding for projects in the areas of transportation, sanitation, and digital infrastructure, as well as urban development.

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At the same time, Iran must still complete the accession process before becoming an official member of the bank. Among other potential members of the New Development Bank, CNBC lists Uruguay, Colombia, Ethiopia, Angola, and Zimbabwe.

Iran’s access to international capital has long been restricted by sanctions, particularly those targeting Western financial institutions and markets. CNBC notes that the conflict with the U.S. and Israel has intensified pressure on the Iranian economy: inflation is rising, economic growth is slowing, and the national currency is weakening. U.S. President Donald Trump has threatened to impose 25 percent tariffs on goods imported into the U.S. from countries that directly or indirectly purchase Iranian goods or services.

China is Iran’s largest trading partner, according to the latest World Bank data. According to Kpler, in 2025, China purchased more than 80% of Iran’s exported oil.