Iran to Help Create BRICS Currency to Ditch US Dollar

Amid the ongoing development of this project, Iran has recently stated its intention to help create a BRICS currency to challenge, and ultimately ditch, the US Dollar. Indeed, the country was one of the five inaugural expansion nations that the alliance welcomed at the start of the new year.

Iran’s deputy foreign minister, Madi Safari, stated the interest in a joint alliance currency to come to fruition. “We are interested in creating a unified currency in the BRICS group, and this could be very effective,” he stated. The project was seemingly a big part of the bloc’s initiatives throughout last year.

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Source: Financial Tribune

Also Read: BRICS: ‘Joint Currency’ Could Be Launched To Challenge US Dollar

Iran Speaks on Interest in BRICS Currency Development

Throughout 2023, the BRICS bloc experienced a rather stark ascension on the global stage. Indeed, the alliance grew in prevalence, as it sought to spearhead a host of initiatives with vast geopolitical ramifications. Among those was its relentless commitment to de-dollarization in many forms.

Subsequently, one of those forms could very well come to fruition this year with the help of one expansion nation. Specifically, Iran has recently stated its desire to help create a BRICS currency to ditch the US dollar. Such a project has been in the works throughout 2023 and has been rumored to be targeting the Alliances 2024 annual summit as a launch date.

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Source: Flickr

Also Read: BRICS: 16 New Countries Plan to Ditch US Dollar in 2024

“By using national currencies, the process of eliminating the use of the dollar in commercial exchanges begins, and we are interested in continuing that process,” Iran’s Safari stated. The use of local currencies by the bloc was a key part of its efforts last year. Moreover, that is likely set to continue, to expand, in thee coming year.

Iran was welcomed alongside Saudi Arabia, the United Arab Emirates (UAE), Egypt, and Ethiopia. The five countries were invited to join the alliance in the summer, along with Argentina. However, the Latin American nation rejected the invitation following a regime change in November 2023.

Conversely, Iran spoke of its interest in being a “banking center” for the economic alliance. Still, the country praised the work done by the bloc’s New Development Bank since its establishment in 2024. Altogether, it appears as though Iran has high hopes for what the bloc can accomplish in an economic sense, after its official introduction into the alliance.

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