Iran to become member of BRICS Bank, increasing economic cooperation, trade - report

Iran's central bank governor announced the country will join the BRICS Bank, aiming to boost economic cooperation and trade. The move comes amid a severe economic crisis, with officials estimating over a million job losses due to the war with the US and related disruptions.

Iran is set to join the BRICS Bank, according to an announcement by Central Bank Governor Abdolnaser Hemmati, reported by Iran's semi-official Tasnim News Agency on Tuesday evening. The BRICS Bank, formally the New Development Bank, is a multilateral institution established by BRICS to mobilize resources for infrastructure and sustainable development in emerging markets. Hemmati stated that productive cooperation with India in monetary affairs, banking, and the digital economy has commenced, and he believes BRICS members can conduct trade using national currencies, pursuing bilateral and trilateral monetary cooperation. The next BRICS Summit in September offers an opportunity to meet with officials from member nations. This announcement comes amid a severe economic crisis in Iran, triggered by the war with the US. Iranian officials estimate that over one million jobs have been lost, with another two million people directly or indirectly unemployed, according to statements given to Tasnim. The economy struggles under war-related disruptions, sanctions, infrastructure damage, and a government-imposed internet blackout, leading to mass layoffs across industries.