Tehran: Iran will soon become a member of the New Development Bank (NDB), the financial institution established by the BRICS group, Central Bank of Iran (CBI) Governor Abdolnaser Hemmati has announced, highlighting efforts to expand monetary and banking cooperation among member states.

According to Islamic Republic News Agency, Hemmati made the announcement while attending a BRICS meeting in India. He emphasized that the establishment of the New Development Bank was the most important outcome of cooperation among BRICS countries and confirmed that Iran would join the institution in the near future.

Hemmati also praised India's efforts during its BRICS presidency, noting the expansion of cooperation among member states in monetary affairs, banking, and the digital economy. He described the BRICS meetings as a significant opportunity for Iran to engage with officials from countries with which Tehran has substantial monetary and banking exchanges.

The CBI governor highlighted the potential for BRICS members to expand trade using their national currencies and advocated for the development of bilateral and trilateral monetary cooperation among member states. Hemmati is leading a high-level delegation to India for the meeting of BRICS central bank governors, with a focus on expanding international financial cooperation and strengthening banking diplomacy.

The discussions also include practical mechanisms to facilitate trade, reduce reliance on the dollar in regional settlements, and increase the use of national currencies among BRICS members.