Iran’s Pezeshkian pitches BRICS development Bank to accelerate de-dollarisation

Speaking at the Leaders' Session of the BRICS Business Forum in New Delhi, Iranian President Masoud Pezeshkian said BRICS nations should expand the use of national currencies in trade among members, paired with instruments to manage currency risk and reciprocal settlements. He said the current financial system is vulnerable to political shocks because of its concentration on a limited number of currencies. Pezeshkian also said the New Development Bank must become the "principal engine" for financing infrastructure and energy in member countries, through dedicated credit lines, financing in local currencies, and guarantee instruments to attract private capital.