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Iran to join BRICS development bank

evening · · thread: US and Iran Pause Military Strikes Amid Continued Drone Attacks on Saudi Oil Sites

2 sources across 2 countries · South Africa · United Kingdom

Who reported this

  • Business Day South Africa · Centre-right · Arena Holdings (Lebashe Investment Group)
  • Reuters United Kingdom · Centre · Thomson Reuters Corporation

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  • Centre-left
  • Centre
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Iran will soon join the New Development Bank (NDB), the development lender established by the BRICS group of nations. Central bank governor Abdolnaser Hemmati announced the news in a state media report published on Wednesday, ahead of a BRICS finance meeting in India. Iran joined BRICS in 2024 as part of an expansion to deepen economic ties among emerging economies.

The NDB was established in 2015 by Brazil, Russia, India, China, and South Africa to finance sustainable development and infrastructure projects. It has since expanded to include Egypt, the UAE, and other emerging economies. Hemmati stated that the establishment of the NDB is the most important result of cooperation among BRICS members.

Iran is seeking bilateral and trilateral monetary cooperation with other members to conduct trade using national currencies. This effort aligns with a broader BRICS goal to reduce reliance on the US dollar. One source notes that Iran remains under sweeping international and US sanctions, which provides the country with added incentive to find financial channels outside the dollar system.

How each side framed it

Centre
The center lean outlet focused on the factual announcement of Iran joining the bank.
Centre-right
The center-right lean outlet provided additional context regarding US sanctions and Iran's desire to bypass the dollar system.

Sources

100% of the statements in this article were traced back to the source articles listed above.