The head of the Central Bank of Iran announced the country's plans to join the New BRICS Development Bank

Iran intends to join the New BRICS Development Bank in the near future. This was announced on August 12 by the head of the Central Bank of the Islamic Republic, Abdolnaser Hemmati.

"The most important result of the cooperation between the BRICS countries was the creation of a New Development Bank, of which our country will become a member in the near future," Iranian state television and radio company IRIB quoted Hemmati as saying on the Telegram channel.

The head of the regulator also called the creation of the development bank a key outcome of cooperation between the member countries of the association. He stressed the importance of switching to national currencies when conducting trade operations between the group's members.

According to Hemmati, Tehran is committed to developing bilateral and trilateral monetary cooperation with BRICS partners. He added that the BRICS countries can trade with each other using national currencies.

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Hemmati said on June 16 that the third and final stage of the integration of the Shetab and Mir payment systems between Iran and Russia will be completed in the next two months. He noted that trade and banking relations between the two countries are on the rise, attention was paid to the development of banking cooperation.