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What would BRICS Bank membership mean for Iran's reeling economy?
Explainer
What would BRICS Bank membership mean for Iran's reeling economy?
Iran’s Central Bank governor said the country will soon join the New Development Bank as he traveled to India this week for a meeting of the group’s finance leaders.
Samuel Wendel
Aug 13, 2026
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Motorists drive vehicles past a billboard depicting Iran's late supreme leader Ali Khamenei along a street in central Tehran on August 8, 2026. — ATTA KENARE / AFP via Getty Images
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Iranian Central Bank Governor Abdolnasser Hemmati said the country will soon join the BRICS development bank as he traveled to India this week for a meeting of the group’s finance leaders.
The news arrives as Iran is signaling that it wants a bigger financial lifeline from the BRICS bloc of emerging nations as the Islamic Republic’s wartime economy comes under mounting pressure from the war with the United States.
What happened: Hemmati said on Wednesday that Iran would soon become a member of the New Development Bank, which is often referred to as the BRICS Bank. The bank itself has not confirmed that Iran’s membership is imminent.
Tehran has long pursued NDB membership. In 2024, the year Iran joined the bloc, Central Bank........
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