Iran To Join BRICS Development Bank Soon, Hemmati Says

Iran will soon become a member of the New Development Bank (NDB), Central Bank of Iran Governor Abdolnaser Hemmati said during a BRICS meeting in India on Tuesday.

Hemmati described the NDB as the "most important outcome" of BRICS cooperation and said Iran would join the institution in the near future, as per IRNA. He also called for greater monetary and banking cooperation among BRICS members, including increased trade in national currencies.

Iran became a full BRICS member in 2024, but it is not currently listed by the NDB as either a member or a prospective member. The bank's membership page lists Bangladesh, the UAE, Egypt, Algeria and Uzbekistan as its additional members, while Uruguay, Colombia, Ethiopia, Angola and Zimbabwe are listed as prospective members.

Hemmati's statement therefore represents Tehran's announcement of its expected accession rather than confirmation from the NDB that Iran's membership has already taken effect.

Iran Pushes Financial Cooperation

The announcement came as Hemmati urged BRICS countries to move from dialogue towards practical financial cooperation.

He called for mechanisms to facilitate trade, reduce reliance on the US dollar in regional settlements and increase the use of national currencies. He also backed bilateral and trilateral monetary cooperation among BRICS members.

"The establishment of the New Development Bank was the most important outcome of cooperation among BRICS countries," Hemmati said.

The push fits Tehran's effort, described by Hemmati at the BRICS meeting, to reduce dependence on dollar-based transactions while expanding banking ties with BRICS economies. The discussions also covered digital finance and other areas of international financial cooperation.

What Is The New Development Bank?

The NDB was established in 2015 by Brazil, Russia, India, China and South Africa. It is a multilateral development bank focused on mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries.

Its membership expanded beyond the founding five with Bangladesh and the UAE in 2021, Egypt in 2023, Algeria in 2025 and Uzbekistan in 2026.

The bank has financed projects in areas including water infrastructure and LNG transportation, reflecting its broader development mandate.

BRICS Push On Local Currencies

Iran's expected entry also comes against the backdrop of the 2024 Kazan Declaration, in which BRICS leaders backed further expansion of NDB membership and called for continued work on local-currency financing and greater cooperation in payment systems.

For Tehran, NDB membership would add another institutional channel to its effort to deepen financial links with BRICS countries, expand local-currency transactions and reduce reliance on dollar-based settlements. Whether that becomes formal membership now depends on the accession process Hemmati says is nearing completion.