Jaipur: Central Bank of Iran Governor Dr Abdolnaser Hemmati met Reserve Bank of India (RBI) Governor Sanjay Malhotra on the sidelines of the BRICS Summit here on Wednesday.
During the meeting, the two sides exchanged views on major international economic and financial developments, the potential for cooperation between the banking systems of Iran and India, and ways to strengthen monetary and banking interactions between the two countries.
They also emphasised the importance of expanding bilateral cooperation, utilising the potential of multilateral mechanisms, and maintaining consultations between the two central banks to facilitate trade and economic exchanges.
The meeting was held on the sidelines of the BRICS Summit with the aim of expanding economic and banking cooperation between the member countries and strengthening coordination in addressing developments in the global economy.
Iran plans to join the New Development Bank, the development lender established by the BRICS group of nations, Hemmati said in a media report published on Wednesday ahead of a BRICS finance meeting in India. The move is part of Iran’s move to seek alternative channels of payment to the US dollar as the Middle East country’s economy has been choked under US sanctions.
“The most important result of cooperation among BRICS member countries is the establishment of the New Development Bank, and our country will soon become a member of this bank,” Hemmati said, according to state media.
Iran joined BRICS in 2024 as the group expanded, in a move aimed at deepening economic ties among emerging economies, and it has since made clear its desire to become a member and shareholder of the NDB.
The bank was set up by Brazil, Russia, India, China, and South Africa in 2015 to finance big infrastructure projects. Its members include the United Arab Emirates, Egypt and other emerging economies which have recently become members of BRICS.
India is hosting the BRICS Finance Ministers and Central Bank Governors meeting at Jaipur in Rajasthan. The two-day event from August 12 to 13 is taking place under India’s rotating BRICS chairship.
Representatives from 11 BRICS member countries will deliberate on key economic and financial issues at the two-day meeting.
(IANS)
