Iran committed to de-dollarization alongside BRICS, diplomat says

Iran’s Deputy Foreign Minister for Political Affairs, Ali Bagheri Kani, has emphasized Iran’s commitment, alongside other BRICS members, to actively pursue de-dollarization across various economic sectors.
In a recent interview with Sputnik, Bagheri Kani highlighted the focus on trade, economic collaborations, and financial exchanges within this influential coalition of major economies. He emphasized ongoing initiatives and expressed optimism about reinforcing these efforts to swiftly achieve their objectives.

Bagheri Kani underscored the importance of collaborative efforts, signaling a unified commitment within BRICS to reduce dependency on the dollar. He clarified that the initiatives aim to establish a framework fostering economic autonomy and resilience among member nations.

The BRICS group, comprised of Brazil, Russia, India, China, and South Africa, established in 2009, has emerged as a significant force shaping global economic discussions. Iran, alongside Argentina, Egypt, Ethiopia, the UAE, and Saudi Arabia, has received an invitation to join this influential bloc. Their anticipated full membership, official from January 1, 2024, marks a substantial shift in the geopolitical landscape.

Paul Mashatile, South Africa’s Deputy President, echoed the sentiment of BRICS members in prioritizing the reduction of the bloc’s reliance on the dollar. He observed that the world closely watches BRICS as it leads a global discourse aimed at diminishing dependence on the dollar. This acknowledgment underscores the strategic importance of BRICS in shaping the future of international economic relations.
Russia’s Deputy Foreign Minister, Sergey Ryabkov, provided insights into BRICS countries accelerating the transition to national currencies.

This strategic shift aligns with the shared vision of establishing a more balanced and resilient global economic framework, reducing vulnerabilities associated with a singular currency.
Additionally, in a July meeting between Putin and Dilma Rousseff, the head of the China-based New Development Bank (NBD), also known as the BRICS Bank, mentioned developing an alternative currency to the U.S. dollar. The NBD, founded in 2014, aims to move away from the US dollar in international trade, introducing other currencies for financial transactions.

Furthermore, BRICS has announced plans to introduce a gold-backed currency for settling international trade payments, challenging the global reserve status of the U.S. dollar. This decision adds momentum to the ongoing de-dollarization trend unfolding in the global economy.
Iran’s active involvement in the BRICS initiative toward de-dollarization aligns with a broader trend among influential nations reshaping the global economic landscape. As BRICS evolves, its concerted efforts toward economic autonomy become increasingly significant in shaping the future of international trade and finance.