Published Thu, Aug 13 2026 8:48 AM EDT
Chloe Taylor@ChloeTaylor141
Key Points
- Iran is set to join the BRICS New Development Bank, the country’s central bank chief said Thursday.
- Iran would have to move through the NDB’s accession process before it can become an official member country.
- The war with the U.S. and Israel has further ramped up the pressure on the Iranian economy, with inflation surging, growth plummeting and its currency in freefall.
A woman and a child walk past Iranian-made Zolfaghar missiles displayed at Azadi Square in Tehran on July 24, 2026.
Afp | Getty Images
Iran is set to join the BRICS New Development Bank, the country’s central bank chief said Thursday, as Tehran seeks to shore up its economic alliances almost six months into its war with the U.S. and Israel.
The BRICS alliance was set up in 2006 by founding members Brazil, Russia, India and China, with South Africa joining in 2010.
It has since expanded to include Iran, Egypt, Ethiopia, Saudi Arabia, the UAE and Indonesia, with various other nations — including Belarus, Cuba and Nigeria — joining as partner countries.
Iranian state media reported Thursday that Abdolnasser Hemmati, governor of the Central Bank of Iran, had announced Iran would soon become a member of the BRICS Bank. Hemmati is currently in India ahead of next month’s BRICS Summit, according to Iran’s Tasnim News Agency.
“We are seeking to establish bilateral and trilateral monetary cooperation with member states,” Hemmati said, per Tasnim’s report.
The NDB was established by Brazil, Russia, India, China and South Africa to help mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries.
A spokesperson for the NDB told CNBC the bank cannot confirm information regarding Iran’s membership.
Afp | Getty Images
Iran is set to join the BRICS New Development Bank, the country’s central bank chief said Thursday, as Tehran seeks to shore up its economic alliances almost six months into its war with the U.S. and Israel.
The BRICS alliance was set up in 2006 by founding members Brazil, Russia, India and China, with South Africa joining in 2010.
It has since expanded to include Iran, Egypt, Ethiopia, Saudi Arabia, the UAE and Indonesia, with various other nations — including Belarus, Cuba and Nigeria — joining as partner countries.
Iranian state media reported Thursday that Abdolnasser Hemmati, governor of the Central Bank of Iran, had announced Iran would soon become a member of the BRICS Bank. Hemmati is currently in India ahead of next month’s BRICS Summit, according to Iran’s Tasnim News Agency.
“We are seeking to establish bilateral and trilateral monetary cooperation with member states,” Hemmati said, per Tasnim’s report.
The NDB was established by Brazil, Russia, India, China and South Africa to help mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries.
A spokesperson for the NDB told CNBC the bank cannot confirm information regarding Iran’s membership.
