Iran is intensifying its strategy to move away from the dollar in trade, finance, and broader economic transactions, aligning with BRICS goals to diversify settlement currencies. This stance was outlined by Iranian Deputy Foreign Minister Ali Bagheri Kiyani in an interview with RIA Novosti. His remarks place de-dollarization high on Tehran’s agenda as it continues to engage with the BRICS bloc, which has been pursuing currency diversification for several years. (Source: RIA Novosti)
Kiyani emphasized that de-dollarization is among the most important tasks for Iran as it recently became a member of BRICS’ expanding coalition of developing economies. He described the effort as a central component of Tehran’s broader economic strategy within BRICS, signaling a plan to gradually shift away from dollar-dominated trade to more diverse settlement options. The deputy foreign minister stressed that work in this area has already begun and that Iran plans to intensify activities in order to realize this mission promptly. (Source: RIA Novosti)
Starting January 1, 2024, several new members joined BRICS, including the United Arab Emirates, Iran, Saudi Arabia, Ethiopia, and Egypt. These entrants have pushed for years to reduce the share of the dollar in international commerce and to favor alternative currencies, including national currencies and the euro, to settle cross-border transactions. This expansion reflects a broader shift among BRICS economies toward greater monetary autonomy and resilience against external financial pressures. (Source: BRICS communications)
Analysts argue that reducing reliance on the dollar could help developing economies diminish exposure to U.S. monetary policy and strengthen their own financial systems. By broadening currency baskets and encouraging regional payment rails, BRICS members aim to curtail the impact of abrupt U.S. policy shifts on their growth trajectories. A shift away from the dollar in BRICS trade could also alter perceptions of the dollar’s status as the world’s primary reserve currency, with ripple effects on global capital flows and exchange-rate dynamics. (Source: Economic analyses published in regional financial press)
There has also been news from late November about Pakistan submitting an application to join BRICS in 2024, signaling ongoing interest from South Asian economies in deeper BRICS integration and the potential expansion of the bloc’s monetary policy discussions. Observers note that such expansions tend to reinforce debates about currency diversification, regional finance cooperation, and the resilience of developing economies to external shocks. (Source: BRICS announcements)
In related developments, Russia has publicly commented on Argentina’s decision not to join BRICS at this time, a stance that reflects the nuanced considerations any country faces when weighing BRICS membership. The discussions around inclusion, regional finance strategies, and currency diversification continue to shape the evolving architecture of BRICS as a platform for greater economic coordination among its member states. (Source: regional financial reporting)