Iran proposes dedicated BRICS financial corridor

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati on Thursday proposed the creation of a dedicated BRICS financial corridor during the second day of the BRICS financial meetings in India. He stressed the need to move financial cooperation within the group beyond general discussions and toward the creation of practical, secure and sustainable infrastructure for cross-border payments and settlements.

Hemmati said that connecting national payment networks and expanding the use of national currencies would reduce BRICS members' reliance on financial channels outside the bloc. This would also help increase transaction speed, lower costs, and improve the security of trade exchanges among member states.

The CBI governor added that Iran has already begun examining the technical, legal, and operational aspects of connecting the payment systems of BRICS members. He expressed Iran's readiness to cooperate in developing an operational roadmap for the initiative.

Furthermore, Hemmati said that pursuing Iran's membership in the New Development Bank (NDB) would help expand financing for development projects, investment cooperation, and economic ties among BRICS members.

According to Mehr News Agency, the proposal was made on the sidelines of the BRICS financial meetings held in India, with participation from central bank governors and finance officials of member countries.