Iran made a strong case for reducing global reliance on the US dollar at the Second Meeting of Economy Ministers and Central Bank Governors of BRICS nations, with Tehran securing consensus on local currency settlements and alternative payment systems that could ease the burden of Western sanctions.
Seyed Ali Madanizadeh, Iran's Minister of Economic Affairs and Finance, who attended the India summit, described the final statement's unanimous approval as a diplomatic win. "The use of local currencies, enhanced economic coordination, and domestic payment and messaging systems were central to our discussions," he said, adding that all member states agreed on the final provisions.
For Iran, the summit's outcomes carry particular weight. Madanizadeh stressed that de-dollarization is "especially important for our country, which is under sanctions," noting that local currency mechanisms could unlock new avenues for economic problem-solving. He framed BRICS cooperation as "defining a new pole in the world's financial and economic systems," with significant potential for infrastructure investment.
The Central Bank of Iran, represented online by Deputy for International Relations Abolfazl Koodei, pushed for concrete action: cross-border payment solutions, interconnected fast payment systems, central bank digital currencies, and interoperable financial messaging. Koodei also backed expanding the New Development Bank's membership and reforming the International Monetary Fund's quota structure to give emerging economies a greater voice.
Beyond finance, Madanizadeh highlighted the North-South Corridor as a strategic complement, noting that low transit costs are drawing interest from multiple nations, with Russia investing in the route. He expressed hope that its completion would transform Iran into a major transit hub.
The summit concluded with BRICS members prioritizing trade settlement in national currencies and technical cooperation in fintech, cybersecurity, and capacity building. Iran's Central Bank declared readiness for "constructive participation" in deepening practical, inclusive financial cooperation among member states.
As geopolitical tensions fragment the global economy, Tehran's active engagement in BRICS financial initiatives signals a strategic pivot toward alternative economic partnerships — a move Iran hopes will blunt sanctions and anchor it within an emerging multipolar order.
