Iran's projected budget bill to be submitted to parliament soon

Finance Materials 18 November 2020 14:47 (UTC +04:00)
Iran's projected budget bill to be submitted to parliament soon

BAKU, Azerbaijan, Nov. 18

By Elnur Baghishov – Trend:

Iran's budget project for the next Iranian year (from March 21, 2021 to March 21, 2022) will be submitted to the Iranian parliament until December 5, 2020, Iranian Vice President and Head of the Plan and Budget Organization of Iran Mohammad Bagher Nobakht said, Trend reports citing ISNA.

Nobakht made the remark in an interview with reporters after the meeting of Iranian government members.

According to Nobakht, it is forecasted that the $1 will equal between 110,000-115,000 rials in next year’s budget.

The vice president added that also, the price of 1 barrel of crude oil is initially envisaged to be at $40 in Iran's budget for next Iranian year.

It is planned in Iran's budget for next Iranian year that 645,000 barrels of crude oil will be sold daily. Thus, Iran's revenues from crude oil are estimated to be $26 million (daily) and about $9.5 billion (annually).

Nobakht noted that the value of net revenues of Iranian budget for the current Iranian year (from March 20, 2020 to March 21, 2021) is envisaged to be 3.38 quadrillion rials (about $80.4 billion).

Meanwhile, so far, 2.9 quadrillion rials (about $69 billion) worth of revenues have been earned so far. Nobakht also said that however, the value of government expenses amounted to 3.02 quadrillion rials (about $71.9 billion) during the reporting period. Thus, the remaining funds to spend (about $2.86 billion) were provided by the Central Bank of Iran (CBI).