Iran's government submits $111bn budget bill for year 1405
The Iranian administrative government has submitted a bill to parliament outlining the details of a state budget for the calendar year 1405, starting in late March, with total expenditures amounting to more than 14 trillion in the new national currency.
President Masoud Pezeshkian’s Tuesday presentation of the draft budget to parliament allowed the legislative body to begin a month-long review of the bill before holding a vote to approve it and turn it into law.
The draft budget was denominated in the new Iranian rial, which the government has said is expected to go into circulation in the next calendar year.
Under the redenomination plan, the new rial would have four zeroes removed from the current rial, meaning that one US dollar would be equivalent to about 130 new rials at the current free-market exchange rate.
A file of the draft budget released by the government and cited in a report by the official IRNA news agency showed that total expenditures would reach more than 14,441 trillion new rials, equivalent to over $110 billion at the prevailing free-market rate.
A breakdown of the figures showed that the government would allocate nearly 6 trillion new rials to its public budget, while state-run companies, banks, and other profit-making institutions would operate with a combined budget of nearly 8.9 trillion new rials.
Budget tables indicated that the government plans to issue 940 billion new rials (around $7.2 billion) worth of Islamic bonds, or sukuk, during the next calendar year to finance development projects.
Funds allocated to construction and development would account for roughly 15% of total government spending.
The government also expects to save up to 572 billion new rials (about $4.4 billion) by eliminating subsidized foreign-currency allocations for imports of certain goods and commodities.
Under the proposed budget, the official exchange rate for hard currency would be set at 103 new rials per euro, which the government considers its preferred currency for dealings with foreign entities and international transactions.
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