Breaking: Iran is fully committed to accelerating its efforts to join the New Development Bank of the BRICS, commonly known as the "BRICS Bank."
The bank's headquarters is located in Shanghai.
This could potentially happen as early as next month during the annual BRICS summit hosted in India — and notably, during an ongoing conflict between Iran and the United States.
This development holds immense significance for Iran, the country most in need of and boldest in utilizing non-dollar settlement mechanisms.
The BRICS can provide member states with financing for infrastructure and project development, and through its emergency reserve mechanism, greatly help member countries mitigate future financial shocks.
For Iran, which has endured half a year of war and now faces an economy and financial system riddled with damage, this is akin to finally "finding an organization" to belong to.
An entity once excluded from the U.S. dollar system now has access to a "backup seat," enabling increased trade in local currencies with China, India, and Russia, allowing oil payments to bypass full reliance on dollars, thus reducing the risk of asset freezes.
No longer forced to beg for access to SWIFT, Iran can instead "recharge" within the BRICS Bank — a "mini-IMF" — significantly reducing the risk of being strangled at the source.
Original source: toutiao.com/article/1873331295728652/
Disclaimer: The views expressed in this article are solely those of the author.