As BRICS finance chiefs converge in Jaipur, Iran and South Africa have signaled their intention to deepen bilateral financial cooperation, with their central bank governors holding talks on the margins of the summit.
Abdolnasser Hemmati, head of Iran's Central Bank, met with his South African counterpart Lesetja Kganyago to review opportunities for expanding monetary and banking ties between the two nations. The discussions centered on practical steps to facilitate trade exchanges and strengthen connections between the two countries' financial institutions.
A statement from Iran's Central Bank confirmed that both sides explored ways to develop financial interactions and remove obstacles to closer banking cooperation.
The meeting also touched on the broader BRICS agenda, with both governors emphasizing the importance of leveraging multilateral cooperation within the grouping. They called for developing more effective mechanisms to enhance economic and banking collaboration among all member states.
The encounter comes as Iran pushes for greater integration into BRICS financial architecture, including its bid to join the New Development Bank. Hemmati has been actively engaging with fellow BRICS officials throughout the two-day gathering in Jaipur, having already met with his Indian counterpart Sanjay Malhotra and NDB President Dilma Rousseff.
For South Africa, a founding BRICS member, the talks reflect its continued commitment to strengthening ties with newer members of the expanded bloc. The meeting also underscores the growing importance of bilateral financial diplomacy as BRICS countries seek to reduce their reliance on Western-dominated payment systems and foster trade in local currencies.
Iran and South Africa share longstanding political and economic ties, with both nations having faced periods of international isolation. Their central banks have previously collaborated on technical issues, though concrete financial integration has remained limited. Whether this latest engagement will translate into tangible banking agreements remains to be seen, but the signal from Jaipur is clear: BRICS members are moving from dialogue to delivery.
