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Iranian President Masoud Pezeshkian has called on BRICS members to expand the use of national currencies in trade, arguing that the bloc needs stronger financial mechanisms to protect its economies from political and financial shocks.
Pezeshkian made the call at the ongoing BRICS summit, where he also urged the New Development Bank (NDB) to play a bigger role in financing infrastructure and energy projects across member countries.
“Distinguished participants, one of the most important steps is to expand the use of national currencies in trade among the members,” Pezeshkian said.
He said greater use of national currencies should be supported by mechanisms to manage currency risks and facilitate reciprocal settlements.
According to him, the current international financial system remains vulnerable to political shocks because of its concentration around a limited number of currencies.
“This step must be accompanied by the establishment of the necessary instruments for managing currency risks and reciprocal settlements, since the current financial system is vulnerable to political shocks due to its concentration on a limited number of currencies,” he said.
Pezeshkian also called for greater use of the New Development Bank to turn BRICS trade cooperation into investment and development.
“In order to transform trade cooperation into real investment, the New Development Bank must become the principal engine for financing infrastructure and energy in member countries,” he said.
He proposed dedicated credit lines, local-currency financing, and guarantee instruments to attract private capital into projects across BRICS member states. The remarks come as BRICS members intensify discussions on expanding local-currency trade and developing alternative cross-border payment mechanisms.
Finance ministers and central bank governors from the bloc have also backed measures to improve cross-border payments and expand local-currency financing through the NDB.
BRICS, originally comprising Brazil, Russia, India and China before South Africa joined, has expanded to 11 full members, including Iran, Egypt, Ethiopia, the United Arab Emirates, Saudi Arabia and Indonesia.
The group has increasingly focused on strengthening economic cooperation among emerging economies and reforming aspects of the global financial system.
The founding BRICS countries established the New Development Bank to finance infrastructure and sustainable development projects in member countries. Its mandate includes supporting development through financing and partnerships with other multilateral and national development institutions.
Pezeshkian’s proposal follows broader BRICS efforts to develop more efficient cross-border payment systems and reduce dependence on existing financial channels.
However, members have differing views on how far the bloc should pursue alternatives to the US dollar, with Russia recently saying it was not seeking outright “de-dollarisation” but remained open to alternative payment methods.
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“One of the most important steps is to expand the use of national currencies in trade among the members.”
Iranian President Masoud Pezeshkian says BRICS countries should increase trade using their own currencies and develop new systems for financial cooperation. pic.twitter.com/kw6t7kncQH
— News Central TV (@NewsCentralTV) September 11, 2026
