BRICS summit 2026 bet on local currencies: Iran's NDB membership push

At the 2026 BRICS Summit in New Delhi, Iranian President Masoud Pezeshkian made a strong pitch for expanding local currency trade across member states to reduce reliance on the US dollar. Backed by Foreign Minister Abbas Araghchi, Iran is actively consulting with BRICS members to facilitate its official accession into the New Development Bank (NDB). The move aligns with the broader BRICS New Delhi Declaration, which endorsed expanding local-currency financing and institutional growth across the Global South.