Iran to join BRICS New Development Bank

The governor of the Central Bank of Iran, Abdolnasser Hemmati, announced on August 12, 2026, that Iran is expected to join the New Development Bank (NDB) in the near future. This statement follows the country's admission into the BRICS bloc in 2024 and comes ahead of an upcoming meeting of the group scheduled to take place in India.

Iran, which remains under extensive international and U.S. sanctions, has sought membership in the NDB to secure alternative financial channels outside of the dollar-denominated system. The NDB was originally established in 2015 by Brazil, Russia, India, China, and South Africa to fund infrastructure and sustainable development projects. The institution has since expanded to include nations such as the United Arab Emirates and Egypt.

Tehran’s pursuit of membership is driven by the lack of a resolution to its ongoing conflicts with the United States and Israel. By becoming a shareholder in the NDB, Iran aims to deepen its integration with emerging economies and mitigate the impact of external financial pressure.