Iranian government official briefs public on draft budget

Business Materials 5 December 2016 16:09 (UTC +04:00)

Baku, Azerbaijan, Dec. 5

By Khalid Kazimov – Trend:

A senior government official has forecast that inflation rate in Iran will hover between 7 and 8 percent over the next Iranian calendar year (to start March 21, 2017).

The government, considering the predicted inflation rate, plans to increase the salaries and retirement pensions for the government workers by 10 percent, Iranian vice president for strategic planning and supervision, Mohammad Bagher Nobakht, said in a televised interview aired by the state broadcaster.

Briefing the public on the details of the administration’s proposed draft budget for the coming Iranian year, he said the income and spending of the government and its companies in the next year is projected to stand at $32.8 billion (10.85 quadrillion rials).

President Hassan Rouhani handed over his proposed draft budget bill to parliament on December 4. The draft budget has put the price of US dollar at 33,000 rials.

Nobakht added that the budget's income from selling oil is expected to reach $33.3 billion.

The official forecasts that the value of Iran’s oil will be about $50-$55 per barrel in international markets over the next year.

Speaking about the government’s monetary policies, he ruled out the government’s intention to increase the value of US dollar against Iran’s national currency.