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Iranian Parliament passes $593 billion national budget bill


Source: Tehran Times

The Iranian Majlis approved a 7.27-quadrillion-rial (about $593 billion) national budget bill for the current Iranian calendar year on Monday. 170 MPs voted in favor of the bill, 8 voted against it, and 7 abstained.

The current Iranian calendar year started on March 21. The parliament usually approves the national budget bill before the Iranian New Year, but this year there was a delay.

On February 27, the administration of President Mahmoud Ahmadinejad presented the national budget bill to the Majlis.

The national budget has been increased by 22 percent compared to the previous year.

The new national budget has forecast a 40 percent drop in oil revenues compared to the previous year's projected figure.

The funding for running the government has been increased by 15.2 percent to 1.6 quadrillion rials (about $135 billion).

The bill has set the price of oil at $95 per barrel, based on the official exchange rate of 12,260 rials for a U.S. dollar, which has been fixed by the Central Bank of Iran.

At the time it was presented to the Majlis, Ahmadinejad said the drafters of the bill took the effects of the international economic sanctions into consideration and thus reduced the national budget's reliance on oil revenues.

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