Iran’s move to join the BRICS (Brazil, Russia, India, China, and South Africa) New Development Bank signals a growing effort among emerging economies to reduce reliance on the U.S. dollar.
| PULSE POINTS |
❓ WHAT HAPPENED: Iran is set to join BRICS’ New Development Bank (NDB), according to the bank’s governor. 📺 DETAIL: Founded in 2015 by the BRICS group of nations (Brazil, Russia, India, China, and South Africa), the NDB focuses on financing infrastructure and sustainable development projects. Abdolnaser Hemmati, governor of the central bank of Iran, announced the country’s decision on Wednesday ahead of a BRICS meeting in India. The event will be the first meeting of finance ministers and bank governors from BRICS countries. Iran has been a member of BRICS since 2024 and has long expressed interest in becoming a member and shareholder of the NDB. Other members of the NDB include the United Arab Emirates (UAE) and Egypt. The NDB also helps facilitate trade agreements between member countries and process financial transactions in national currencies to reduce reliance on the U.S. dollar. 💬 KEY QUOTE: “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,” said Abdolnaser Hemmati. 🎯 IMPACT: This decision aligns with BRICS’ broader goal of reducing dependence on the U.S. dollar. Iran’s membership could provide the country with alternative financial channels as the country continues to operate under sanctions imposed by the United States amid the ongoing Iran war. Iran’s decision to join the NDB is part of a broader effort to shift towards a multipolar economic order. This move also shows how Iran has aligned with China and Russia economically, not just militarily and politically. 📺 FLASHBACK: Back in 2025, President Donald J. Trump threatened an extra 10 percent tariff on countries collaborating with the BRICS group. “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” said the President at the time. |
Join Pulse+ to comment below, and receive exclusive e-mail analyses.