Iran budget ratification postponed

Business Materials 1 February 2016 20:28 (UTC +04:00)

Baku, Azerbaijan, Feb.1

By Mehdi Sepahvand - Trend:

The heads of Iranian government and parliament reached agreement to postpone the budget bill ratification until formation new parliament.

The half-budget (for several months) would be submitted to parliament to be ratified and the whole budget for next fiscal year (will start on March 21) would be discussed after formation of new parliament, Member of Majlis Economic Commission Mohammad Reza Pour-Ebrahimi told Fars news agency on Feb.1.

Iran's parliament elections is scheduled to be held in Feb.26 and new parliament would be formed in late May.

Before, Iranian President Hassan Rouhani proposed the country's $317.6 billion budget for the Iranian fiscal year to parliament on min January.

Next year's national budget bill is based on an oil price of $35-40 per barrel and a projected average exchange rate of 29,970 rials to the U.S. dollar for the fiscal year.