Full Breakdown
Iran Moves Toward Membership in the BRICS New Development Bank
8/13/2026, 11:49:44 AM
Iran Announces Intent to Join the New Development Bank
Iran’s central bank governor, Abdolnaser Hemmati, told state media that Tehran will soon become a member of the New Development Bank (NDB), the multilateral development lender created by the BRICS grouping. The statement was made ahead of a BRICS finance ministers and central bank governors meeting in India and reported on August 13.
Background & Context
Iran joined the BRICS bloc during its recent expansion, a move intended to deepen economic ties with emerging economies. The country has been operating under extensive U.S. and international sanctions and has not reached a peace agreement to end its conflict with the United States and Israel. These pressures have heightened Tehran’s interest in financial channels that are less dependent on the U.S. dollar.
Data & Statistics
- Founding members of the NDB (2015): Brazil, Russia, India, China, South Africa.
- Subsequent members: United Arab Emirates, Egypt, and Uzbekistan (the 10th member on June 5).
- The NDB’s mandate is to finance infrastructure and sustainable-development projects in emerging markets.
Official Statements & Responses
- Iranian government: Hemmati asserted that Iran believes BRICS members can conduct trade using their national currencies and that “productive cooperation has commenced between our country and India in the areas of monetary affairs, banking, and the digital economy.”
- NDB corporate communications: The bank’s communications division told Reuters it could not confirm information regarding Iran’s membership, indicating that formal admission has not yet been finalized.
Conflicting Reports & Gaps
The core claim that Iran will “soon become a member” comes from Iranian officials, while the NDB itself has not verified the membership status. No additional details have been provided about the timeline for formal admission, the size of Iran’s prospective shareholding, or the specific projects that might be financed.
Why It Matters / Impact
Membership would give Iran an additional avenue for investment, infrastructure financing, and financial transactions with major emerging powers such as China, India, and Russia. However, analysts note that NDB participation alone will not lift U.S. sanctions or guarantee unrestricted access to international capital. The move also signals Tehran’s broader strategy to embed itself in non-Western economic institutions and reduce reliance on dollar-based systems.
Verbatim Quotes
- “The most important result of cooperation among BRICS member countries is the establishment of the New Development Bank, and our country will soon become a member of this bank,” — Abdolnaser Hemmati, central bank governor
- “The most significant outcome of cooperation between BRICS member states is the establishment of the New Development Bank, and our country will soon become a member of this bank,” — Abdolnaser Hemmati. Hemmati, central bank governor
- “Productive cooperation has commenced between our country and India in the areas of monetary affairs, banking, and the digital economy,” — Abdolnaser Hemmati, central bank governor
What’s Next
Iran’s bid will be discussed further at the ongoing BRICS finance ministers and central bank governors meeting in India, where member states are also promoting greater use of national currencies for trade. The outcome of those discussions will shape the timeline for Iran’s formal admission to the New Development Bank.
