Iranian Guardian Council approves next year’s budget bill

Business Materials 16 March 2015 14:07 (UTC +04:00)

Baku, Azerbaijan, Mar. 16

By Umid Niayesh - Trend:

Iranian Guardian Council has approved Iran's national budget bill for the next Iranian calendar year 1394, which starts on March 21, 2015, the MP Hamid Reza Fouladgar said.

The budget bill was returned to the parliament earlier to make some changes to it.

The parliament made the changes in its open session on March 15 and sent the bill to the Guardian Council.

Any bill passed by the parliament of Iran must also be reviewed and approved by the Guardian Council to become law. The Council can also nullify a law for two reasons: if it is against Islamic law or if it is against the constitution.

The Council ratified the bill after parliament made the requested changes in the budget.

The Iranian parliament approved the $296 billion national budget bill for the next Iranian fiscal year on March 4.

The US dollar is 28,500 rials in the budget bill although it is sold at 32,300 rials in the free market.

The budget bill initially presented by President Hassan Rouhani to the parliament was $293 billion.

The budget bill has been drafted based an oil price of $72 per barrel. This is while oil price is currently below the figure. The IEA has predicted that oil will drop to below $60 on average in 2015.

The administration has announced that it has prepared a special plan for running the country even if oil price drops to $40.

Edited by CN

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