Iran Fiscal 2013 Draft Budget Projects 40% Drop in Oil Revenue
From Bloomberg
By Ladane Nasseri
Iran’s government is projecting a 40 percent decline in oil revenue in the coming Iranian year, according to a draft budget submitted to parliament, official news agencies reported.
Iran expects to earn about 660 trillion rials from sales of oil, its main export, in the fiscal year starting March 21, the Mehr and Fars news agencies reported.
That figure is equivalent to $31 billion, said Rahim Mombeini, the president’s deputy in charge of budget affairs, according to Tehran-based Shargh newspaper. It wasn’t clear what exchange rate was being used. While the central bank’s official rate is 12,260 per dollar, a slump in the value of the currency as a result of international sanctions has left the currency trading at about 37,000 per dollar in street markets.
