Iran's projected income remain unchanged in updated budget

Finance Materials 17 February 2021 09:55 (UTC +04:00)

BAKU, Azerbaijan, Feb.17


Predicted oil and customs incomes and official foreign currency rate have remained the same in the reformed budget plan, said the Iranian Government Spokesman.

"The reformed budget plan had a $3 billion increase comparing to the primary budget plan while $83 million of budget reduced following the ruling of the parliament Integration Budget Commission," said Ali Rabiei, Trend reports citing IRNA.

"The customs' income, assignment of government's capital (to the private sector) and other incomes have not changed. The predicted customs' income is $1.5 billion and other incomes are $4.2 billion, assignment of oil assets has been reduced to $833 million," he said.

"The predicted oil sale would remain same at 2.3 million barrel per day and oil revenue is also the same at $47 billion," he said.

Following the reform of the budget plan, the predicted tax income for the new Iranian year (starts March 21, 2021) has increased to $5.9 billion that figure is more than the primary prediction in the budget plan however the volume of issued financial securities has been reduced as requested by MP's.

The predicted official foreign currency rates would remain unchanged rates of 42,000 rials and 115,000 rials per US dollar in the new Iranian year budget plan.

"Elimination of the official foreign currency rate would have a significant effect on the price of necessary commodities, therefore in order to prevent any abuse, the Central Bank of Iran has a list of all importers that use preferential foreign currency to import necessary commodities," he added.

"The government policy is to gradually eliminate official foreign currency rate with implementing trade and customs policies to prevent the increase of prices that require planning and our views were conveyed to the parliament," he noted.