Iran to join BRICS New Development Bank, central bank governor says
Iran will soon join the BRICS New Development Bank, according to Central Bank Governor Abdolnaser Hemmati. Under sweeping international sanctions and locked in conflict with the U.S. and Israel, Tehran is actively seeking alternative financial channels outside the dollar system. This economic pivot coincides with heightened military tensions, including a U.S. naval blockade in the Strait of Hormuz and a major reshuffle of Iran's military command structure by Supreme Leader Mojtaba Khamenei.
Iran NDB membership
▪Iran will soon become a member of the BRICS-backed New Development Bank, according to Iranian Central Bank Governor Abdolnaser Hemmati.
▪Iran joined the BRICS group of nations in 2024 and has since sought to become a member and shareholder of the New Development Bank.
▪Iranian Central Bank Governor Abdolnaser Hemmati announced the upcoming New Development Bank membership ahead of a BRICS finance meeting in India.
BRICS financial cooperation
▪BRICS member nations are actively seeking to reduce their reliance on the United States dollar by promoting trade and financial transactions in national currencies.
▪The New Development Bank has expanded its membership beyond its founding nations to include the United Arab Emirates and Egypt.
▪Iranian Central Bank Governor Abdolnaser Hemmati stated that Iran has begun expanding bilateral monetary, banking, and digital economy cooperation with India.
▪The New Development Bank was established in 2015 by Brazil, Russia, India, China, and South Africa to finance infrastructure and sustainable development projects.
US-Iran Strait of Hormuz standoff
▪Yemen's Iran-backed Houthi militants attacked a deck cargo ship in the Bab el-Mandeb Strait on August 11, 2026, killing three crew members.
▪Supreme National Security Council Secretary Mohsen Rezaei stated that the Strait of Hormuz will remain closed unless the United States accepts Iran's conditions.
▪United States forces struck the Panama-flagged vessel Vela Nova with Hellfire missiles on August 11, 2026, after the crew ignored warnings while heading toward an Iranian port.
Iran military command reshuffle
▪Supreme Leader Mojtaba Khamenei appointed Hossein Taeb as the head of the Basij, signaling a potential shift toward treating domestic unrest as an external security threat.
▪Supreme Leader Mojtaba Khamenei issued military decrees appointing six veteran military and security figures to key positions across the General Staff of the Armed Forces and the IRGC.
▪Supreme Leader Mojtaba Khamenei appointed Ali Abdollahi as chief of the General Staff, with a mandate to complete the integration of the General Staff and the Khatam al-Anbiya headquarters.
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