54697
President Hassan Rouhani submitted the budget bill for the March 2017-18 fiscal year to parliament on Sunday.
President Hassan Rouhani submitted the budget bill for the March 2017-18 fiscal year to parliament on Sunday.

Budget Bill in Parliament

The total amount of the budget is 3,711 trillion rials, which puts it 10.6% over the 3,354- trillion-rial budget for the current year
Taxes are projected to rise by 1,130 trillion rials, up from last year’s 1,010 trillion rials

Budget Bill in Parliament

President Hassan Rouhani submitted the budget bill for the 2017-18 fiscal year, which begins in March, to parliament on Sunday. 
The bill projects larger revenues from taxes and oil exports, though the weaker exchange rate for the rial against the dollar will put next year's budget firmly below this year in dollar terms. 
The total amount of the budget is 3,711 trillion rials, which puts it 10.6% over the 3,354 trillion rial budget passed into law for the current year. 
Also, government companies, banks and for profit organizations which had 6,828 trillion rials this year will get 7,565 trillion rials to finance their operations.

> Higher Crude, Weaker Rial

The government has projected a stronger dollar and a higher price for crude oil in the March 2017-18 budget bill. It set the greenback's exchange rate at 33,000 rials, up from last year's 29,970 rials, and still far lower than the 39,600 rial/dollar in Tehran's markets on Sunday. 
OPEC's third largest crude oil exporter is assuming an average oil price of $50 a barrel, up from the current $40. Iran and other oil-producing countries recently agreed to limit production in order to drive up prices. 
With the $50 crude and 33,000 rial dollar, the administration expects 1,100 trillion rial revenue from oil exports including export of natural gas and condensates.
Also, taxes are projected to rise 1,130 trillion rials, up from last year's 1,010 trillion rials figure.
As for the 620 trillion rials earmarked for investment, the "government projects deemed profitable will get funding," the president told lawmakers on Sunday. Eligible projects will be funded jointly by the government, the National Development Fund of Iran, a sovereign wealth fund that receives part of the country's oil revenues, commercial banks and private  contractors
The administration has made special provisions for investment in jobs, railroad development, water, sewage, and environmental projects, Rouhani told reporters earlier. 

Clarification: The Tribune mistakenly reported a 4.6% contraction in the budget on Saturday, based on Rouhani's remarks in Mashhad on Thursday. The president had cited 3,200 trillion rials, which IRNA reported as the general budget figure. However, the 3,200 trillion rials excludes 511 trillion rials in revenues made by ministries, which must be added to the latter to arrive at the total budget. We apologize for the inadvertent error.

Short URL : https://goo.gl/2H5Osf
  1. https://goo.gl/mxGt6Q
  • https://goo.gl/SHX1lw
  • https://goo.gl/4RrP3e
  • https://goo.gl/jFAUd9
  • https://goo.gl/vf95oR

You can also read ...

Iran’s Agriculture Beset by Lack of Cropping Patterns
Water scarcity and low precipitation in Iran have impelled the...
CPI registered a year-on-year increase of 8.3% compared with the similar month of last year.
The average goods and services Consumer Price Index in Iran...
Analogue Wall Clock Imports at $1.1m
More than 318 tons of analogue wall clocks worth close to 38.2...
Gov’t Purchases of Tea Leaves Down 6%
Around 39,446 tons of tea leaves were purchased by the...
Watercraft Exports
Hormozgan Province has exported four fiberglass cargo and...
New Cooperatives Created 68,000 Jobs in 12 Months
A total of 4,140 cooperatives were established in Iran during...
Non-Oil Trade With Hong Kong Dips 20%
Iran traded $485.60 million worth of non-oil goods with Hong...
$17.6b in Cheap Industrial Loans
A total of 740 trillion rials ($17.61 billion) in cheap loans...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus