Back to today’s briefing

Story perspectives

Iran to Join BRICS New Development Bank, Central Bank Says

8/13/2026

30 7 Full Breakdown

Summary

Story summary

Iran will soon join the New Development Bank, the BRICS-created lender, said Central Bank Governor Abdolnaser Hemmati.
Hemmati announced the move at the BRICS ministers meeting in India, saying Iran, a 2024 BRICS member, seeks NDB membership and expects trade in national currencies.
He warned Iran remains under U.S. sanctions, lacks a peace deal with the United States and Israel, and noted the next BRICS summit is in September.

History

Historical Context

India first proposed a BRICS development bank at the 2012 summit, and the five founders signed the agreement on 15 July 2014, creating the New Development Bank with $100 billion authorized capital. In 2024, Iran’s central bank governor Abdolnaser Hemmati announced a bid to join, seeking an alternative financing route that bypasses U.S. sanctions and expands BRICS-led investment.

1 of 2

Story summary

Iran will soon join the New Development Bank, the BRICS-created lender, said Central Bank Governor Abdolnaser Hemmati.
Hemmati announced the move at the BRICS ministers meeting in India, saying Iran, a 2024 BRICS member, seeks NDB membership and expects trade in national currencies.
He warned Iran remains under U.S. sanctions, lacks a peace deal with the United States and Israel, and noted the next BRICS summit is in September.

1 / 2