Iran’s Pezeshkian Pitches BRICS Development Bank to Accelerate De-Dollarisation

Pezeshkian Pushes for Stronger BRICS Financial Cooperation

Iranian President Masoud Pezeshkian has pitched greater use of the BRICS financial architecture as part of efforts to accelerate de-dollarisation and strengthen economic resilience among member countries.

Speaking at the BRICS Business Forum in New Delhi, Pezeshkian argued for greater diversification of trade partnerships, financial resources and payment mechanisms as Iran faces increased economic pressure and geopolitical uncertainty.

His remarks come at a time when BRICS members are exploring ways to make cross-border payments more efficient and reduce vulnerabilities associated with the existing global financial system.

Focus on BRICS New Development Bank

A key part of the discussion is the New Development Bank (NDB), the multilateral development bank established by the original BRICS members.

The institution was created to finance infrastructure and sustainable development projects and has increasingly become part of discussions about building financial alternatives for emerging economies.

Pezeshkian's push for a stronger BRICS development-finance mechanism reflects Iran's broader interest in accessing alternative sources of financing and reducing exposure to Western financial restrictions.

De-Dollarisation Gains Momentum

The call comes amid a wider BRICS debate over reducing dependence on the US dollar in international trade.

BRICS countries have been discussing greater use of national currencies and more efficient cross-border payment mechanisms. At the current summit, BRICS finance ministers and central bank governors have also called for progress on interoperable payment systems and practical solutions for faster, lower-cost cross-border transactions.

However, the bloc has not agreed on a common BRICS currency, and major technical and political obstacles remain to deeper financial integration.

Iran Seeks Greater Economic Resilience

For Iran, reducing dependence on dollar-based financial channels has particular importance because of longstanding US sanctions and restrictions on access to international financial systems.

Pezeshkian has argued that the recent conflict and geopolitical tensions have made economic security inseparable from national and regional security. He also called for Iran to become more integrated into BRICS supply chains and to diversify its economic relationships.

Greater use of alternative payment arrangements could potentially help countries facing sanctions or financial restrictions maintain trade with willing partners.

BRICS Payment Systems Under Discussion

The issue of alternative payment mechanisms is already on the BRICS agenda.

India, which is chairing BRICS in 2026, has been advocating the possible linking of central bank digital currencies among member countries to facilitate cross-border payments. The proposal aims to make transactions faster and more efficient rather than formally replacing the US dollar as the world's reserve currency.

The initiative nevertheless faces significant political, technical and regulatory challenges, particularly because BRICS members have different financial systems and varying levels of digital-currency adoption.

Wider Push to Reform Global Financial Institutions

BRICS finance chiefs have separately called for reforms to institutions such as the International Monetary Fund (IMF) and the World Bank, arguing that emerging and developing economies should have a greater voice in global economic governance.

They also criticised unilateral trade and finance-related measures and urged continued work on cross-border payment solutions.

These discussions highlight the bloc's broader ambition to increase the influence of emerging economies in global financial decision-making.

Challenges for BRICS De-Dollarisation

Despite growing political support for reducing reliance on the dollar, implementing a unified alternative financial system will be difficult.

BRICS consists of economies with different monetary policies, financial regulations and geopolitical interests. The group has also struggled to make significant progress on some earlier proposals for shared payment infrastructure.

Experts have therefore viewed de-dollarisation as a gradual process involving greater use of national currencies and alternative payment channels rather than an immediate replacement of the US dollar.

India’s Role in the BRICS Financial Agenda

India's 2026 BRICS presidency comes at a crucial point for the bloc's financial discussions.

New Delhi is supporting improved interoperability of payment systems while maintaining that such initiatives are aimed at facilitating international transactions rather than replacing the dollar. India is also seeking practical cooperation in areas such as digital finance, trade and economic connectivity.

Pezeshkian's proposal therefore comes as BRICS weighs how far it can go in creating a more diversified and resilient financial architecture.

Conclusion

Iranian President Masoud Pezeshkian's call for stronger use of the BRICS New Development Bank and alternative financial mechanisms reflects Tehran's push for greater economic resilience amid geopolitical and financial pressures.

For BRICS, the challenge will be turning calls for de-dollarisation into practical mechanisms that can support cross-border trade while accommodating the diverse interests and financial systems of its members. The group's ongoing work on local-currency transactions, payment-system interoperability and development finance could shape the future direction of global economic cooperation.