Iran's Central Bank Governor calls on BRICS to move from dialogue to practical financial action

During the first meeting of finance ministers and central bank governors of BRICS in India, the Governor of the Central Bank of Iran (CBI) emphasized the need to strengthen practical cooperation among BRICS members in the monetary and financial sphere. He thanked the host country for organizing the summit.

According to IRNA from the Central Bank, Abdolnasser Hemmati stated in his opening address that closer interaction among BRICS member countries could contribute to strengthening stability, trust, and sustainable development. He noted that BRICS would have the greatest impact when it can transform political discussions into actionable initiatives and executive mechanisms.

Referring to complex regional and international conditions, as well as military aggression against the sovereignty and territorial integrity of Iran, he stressed that economic and financial stability is unattainable without peace, respect for international law, and adherence to the principles of the United Nations Charter.

The Central Bank Governor also mentioned Iran's active participation within BRICS. He reported that the Central Bank of the Islamic Republic of Iran has been actively participating in specialized BRICS working groups since joining, engaging in areas such as cross-border payments, use of national currencies, financial technology, cybersecurity, artificial intelligence, and sustainable finance.

Hemmati further highlighted the support for initiatives aimed at reducing transaction costs and risks, facilitating the use of national currencies, and bringing payment infrastructure closer between member states.

He viewed the New Development Bank of BRICS as one of the group's most important institutional achievements and stated that the Islamic Republic of Iran is ready to expand its engagement with this organization and follow the path of membership with the support of respected members.

In conclusion, the Central Bank Governor stated that BRICS is capable of playing a more effective role in shaping a more inclusive, balanced, and sustainable international financial architecture.

On the second day of the BRICS financial meetings in India, the Governor of the Central Bank of Iran reiterated the importance of creating a dedicated BRICS financial corridor and connecting the national payment networks of member countries. Abdolnasser Hemmati stated that the development of BRICS financial cooperation must go beyond general discussions and lead to the creation of an operational, secure, and sustainable infrastructure for cross-border payments and settlements.

He added that integrating payment systems and expanding the use of national currencies, while simultaneously reducing dependence on financial routes outside of BRICS, helps increase the speed, reduce costs, and improve the security of members' trade operations.

The Central Bank Governor noted that Iran is already studying the technical, legal, and operational aspects of connecting the payment systems of BRICS countries and is ready to cooperate in developing an operational roadmap for this plan.

Hemmati also sees Iran obtaining membership in the New Development Bank of BRICS as a basis for expanding development project financing, investment cooperation, and strengthening economic ties among members.

The first meeting of BRICS finance ministers and central bank governors under India's chairmanship for 2026 took place on August 12 and 13, 2026, in Jaipur, India.

Previously, at the first meeting of this group involving ministers of economy and finance and central bank governors of member countries, Mehdi Heidari, Deputy Minister of Economy and Finance of Iran, emphasized the need to enhance the economic and financial resilience of BRICS members in the face of global economic challenges.

Supporting the four pillars of 'sustainability, innovation, cooperation, and viability,' he called for the development of practical financing mechanisms, including local currency financing, currency risk hedging tools, and attracting private capital.

The Iranian representative also stressed the responsible application of artificial intelligence and modern technologies to boost productivity and inclusive growth, and supported the continuation of the BRICS Growth and Development Working Group's activities in future presidencies.

The Governor of the Central Bank of Iran held talks with the President of the New Development Bank of BRICS (NDB). Dilma Rousseff, during her meeting with Abdolnasser Hemmati, praised the presence of the Islamic Republic of Iran in the New Development Bank as significant and highlighted Iran's role and potential in fostering regional and international cooperation.

Both sides emphasized the need to continue expert consultations regarding Iran's membership in the NDB and utilizing the bank's opportunities during the dialogue.

The Governor of the Central Bank of Iran, who was in India to attend the BRICS finance ministers and central bank governors meeting organized by India, thanked the Indian government and central bank for hosting the summit and reiterated the need to strengthen practical interaction among BRICS members in monetary and financial matters.

BRICS is a group of major emerging economies that has expanded beyond the five original members—Brazil, Russia, India, China, and South Africa—to include Iran, Egypt, Ethiopia, UAE, and Indonesia. India chairs the group in 2026, holding the upcoming summit under the theme 'Building Resilience, Innovation, Cooperation, and Viability.'

The bloc is focused on deepening financial cooperation to reduce dependence on Western-dominated systems. A key priority is developing independent payment mechanisms, including connecting national instant payment systems and studying the compatibility of Central Bank Digital Currencies (CBDCs) to lower cross-border transaction costs and promote trade in local currencies. The New Development Bank (NDB), established by BRICS, plays a central role in financing infrastructure and sustainable development projects in member countries, with Iran currently completing its accession process to the bank.

In addition to strengthening economic ties among the Global South, BRICS is not currently aiming to create a common currency. Instead, members are focusing on practical mechanisms for financial integration that can gradually increase resilience to external pressure and create a more balanced international financial architecture.