Iranian president urges trade in local currencies to avoid dollar dominance
Iran’s President Mr. Masoud Pezeshkian has called for increased transactions and trade in national currencies among BRICS member countries. He made this call while speaking at the “BRICS Business Forum 2026” held in New Delhi.
Alluding to the need to counter U.S. economic sanctions and global political pressure, Mr. Pezeshkian said the BRICS Bank, or the New Development Bank (NDB), needs to play a more active role in boosting economic cooperation among member states.
Speaking at the leaders’ session of the BRICS Business Forum in Delhi, the Iranian president noted that instability in current global geopolitics, disruptions to supply chains, and economic blockades used for political ends have made the world economy extremely complex.
Outlining a way forward, he said: “The question is, what is BRICS’ answer as we stand facing these challenges? We believe that BRICS’ true strength doesn’t depend solely on the size of its member economies; rather, it becomes visible only when these capacities can be transformed into a strong network of trade, investment, and joint financing. We must now move from potential cooperation to practical, functional cooperation.”
According to experts, the push within BRICS countries to build an alternative financial system — aimed at reducing the dollar’s influence in global markets and countering Western sanctions — has long been under discussion. Mr. Pezeshkian’s remarks are a clear signal of efforts to accelerate that process.
