News ID: 210473
Published: 0356 GMT February 23, 2018

Iran's Parliament ratifies budget bill for next fiscal year

Iran's Parliament ratifies budget bill for next fiscal year

Iran's Parliament approved the national budget bill for the next Iranian year, which will start on March 21, 2018.

The bill was approved on February 22 by 148 MPs in favor, 38 against and 3 abstentions, Iran's state-run IRINN TV reported.

Next year's national budget bill is based on an oil price of $55 per barrel and a projected average exchange rate ‎of 35,000 rials to the US dollar.‎

The overall budget ceiling is set at about 12,175 trillion rials, with government spending accounting for 4,432 trillion rials.

Meanwhile, the administration earmarked government spending for the current year (started March 21, 2017) at 3,710 trillion rials.

MPs approved the revised outlines of the budget on January 31. The bill was earlier rejected by the Parliament on January 28, with 120 votes against.

Now the budget bill will forwarded to the Guardians Council, the constitutional supervisory body, for ratification before becoming a law.

   
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