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Iran Urges BRICS to Expand Local Currency Trade

By Markets Desk · 2026-09-12 · Updated 2026-09-12 03:39 UTC
A neat pile of various foreign banknotes and coins stacked on a wooden table.
Illustration: Tradingbird

Iranian President Masoud Pezeshkian has urged BRICS nations to expand local currency trade and deepen economic integration to counter what he describes as intensified political and military pressure from the US and Israel. Speaking at the summit, he proposed specific measures including the digitalization of customs, the creation of joint reinsurance mechanisms, and a reformed New Development Bank focused on local-currency financing.

  • According to GN markets/fx (en-US), Pezeshkian explicitly linked the push for local currency settlement to recent US and Israeli military actions against Iran, describing them as a 'far more dangerous phase' of political pressure. He further outlined a broader strategy that includes integrating customs procedures, developing cross-border markets, and transforming the New Development Bank into a primary engine for infrastructure financing.

    Source: Hindustan Times

  • Iranian President Masoud Pezeshkian called for a shift away from the dollar in BRICS trade. He argued that reliance on a limited number of currencies exposes economies to political shocks.

    Source: Hindustan Times
Based on reporting by Hindustan Times, The Tribune and Hindustan Times, compiled by the Tradingbird desk.

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