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Iranian administration faces about $3.2B budget deficit

Business Materials 31 January 2015 14:42 (UTC +04:00)

Baku, Azerbaijan, Jan. 31

By Fatih Karimov - Trend: The administration of Iranian President Hassan Rouhani faced more than 100 trillion rials (about $3.2 billion) budget deficit in the first nine months of the current Iranian calendar year, started on March 21, 2014.

The administration's revenues hit 630 trillion rials (about $18.2 billion) in the 9-month period, while the running costs amounted to 1010 trillion rials (about $28.8 billion), according to a report published by the Central Bank of Iran.

Previously, Rouhani submitted the budget bill for the next Iranian fiscal year, which begins on March 21, 2015, to the parliament.

The proposed national budget amounts to about 8.379 quadrillion rials (about $311 billion based on the official exchange rate of 26,930 rials), a 4-percent rise year on year. Next year's national budget bill is based on an oil price of $72 per barrel and a projected average exchange rate of 28,500 rials to the US dollar for the fiscal year.

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