Expand Use of Local Currencies to Tackle Sanctions, Enhance Economic Integration: Iran President in India
Pezeshkian said a 10 billion dollar reinsurance plan and local-currency lending could draw private capital into BRICS infrastructure and energy projects.
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Iran pitches for expanding use of national currencies in trade among BRICS countries
New Delhi, Sep 11 (PTI) Iranian President Masoud Pezeshkian on Friday called for a stronger shift toward local currencies in BRICS trade, while pitching Iran’s geography, energy resources and transport links as a strategic bridge for the bloc’s economic connectivity. Speaking at the BRICS Business Forum, Pezeshkian said BRICS must move beyond its economic potential […]
BRICS Must Expand National Currency Use and Build Resilient Trade Ties
A representative of the Islamic Republic of Iran addressed a BRICS forum, calling for deeper economic integration, resilience against sanctions, and the diversification of payment channels and trade partners. The address underscored that economic security remains linked to regional and national stability, warning against the monopolisation of financial instruments. Key proposals included expanding settlements in national currencies, transitioning the New Development Bank into a core infrastructure financing engine, and setting up a joint BRICS reinsurance company with ten billion dollars in initial capital to safeguard major energy and infrastructure ventures. The speech also urged the grouping to move beyond dialogue by establishing measurable trade projects, shaping artificial intelligence and digital economy standards, and leveraging Iran's strategic location and energy reserves for intra-BRICS connectivity.
The President stated that expanding the use of national currencies in trade among BRICS members is one of the most important steps, adding: "This step must be accompanied by the creation of the necessary tools for currency risk management and mutual settlement, because the current financial system is vulnerable to political shocks due to its focus on a few limited currencies."
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