Iran to join BRICS development bank soon, central bank governor says

AI Summary

Iran plans to join the BRICS New Development Bank, seeking alternative financial pathways amid U.S. and international sanctions. This move precedes a BRICS finance meeting and highlights Tehran's efforts to bypass the dollar-based global monetary system.

DUBAI, Aug 13 (Reuters) - Iran will soon join the New Development Bank, the development lender established by the BRICS group of nations, central bank governor Abdolnaser Hemmati said in a state media report published on Wednesday ahead of a BRICS finance meeting in India. Iran remains under sweeping U.S. and international sanctions, and it has yet to reach a peace deal to end the current conflict with the U.S. and Israel, giving Tehran added incentive to seek alternative financial channels outside the dollar system.