Economy, Domestic Economy

Majlis Okays Budget Outlines

Majlis Okays Budget OutlinesMajlis Okays Budget Outlines

Majlis Planning and Budget Commission on Sunday approved the outlines of the budget bill—on an 18-2 vote—for the upcoming Iranian fiscal year (starting March 20.  The government’s general budget, not including state-owned enterprises, totals 2,670 trillion rials ($73.3 billion at market exchange rate), shows a 13.1% increase compared to the previous year in rial terms. Iran’s budget for the current year stood at 2,360 trillion rials ($64.8 billion). Iran also separately budgets some 6,817 trillion rials ($187.2 billion) for hundreds of government banks and companies. President Hassan Rouhani submitted the budget bill prepared by the government to the parliament early last week, a day after the UN nuclear agency confirmed that Iran has complied with its commitment to limit its nuclear program. The confirmation officially marked the end of western nuclear sanctions against Iran.