Iranian parliament approves next year’s budget bill

Business Materials 15 February 2015 18:11 (UTC +04:00)

Baku, Azerbaijan, Feb. 15

By Umid Niayesh - Trend:

The Iranian parliament has approved the general outlines of the national budget bill for the next Iranian calendar year 1394, which starts on March 21, 2015, the country's state IRINN TV reported Feb. 15.

During a parliament session on Feb. 15, the national budget bill was put to a vote and 152 MPs of the 218 MPs who were present voted in favor of it and the generalities of the bill were approved.

On December 7, 2014, Iranian President Hassan Rouhani presented the administration's draft of the national budget bill to the parliament.

The national budget amounts about 8.24 quadrillion rials (about $294 billion), 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.

The funding for running the government was set at 2.67 quadrillion rials (about $93.7 billion).

The budget bill envisages economic growth at 5.2 percent and an inflation rate of 14 percent for the next Iranian fiscal year.

The share of oil revenues in next year's budget bill has decreased to 31.5 percent compared to 45 percent of oil revenues in current year's budget. About $24 billion of oil revenues is forecasted for next fiscal year.

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