Budget bill envisages 10% more income for government-owned banks

December 22, 2019 - 18:22

TEHRAN- The national budget bill for the next Iranian calendar year (starts on March 20, 2020) has predicted a 10.2-percent more income for the Central Bank of Iran (CBI) and the government-owned banks, IRNA reported.

The income for the CBI and eight government-owned banks of the country has been estimated at 1.16 quadrillion rials (about $27.6 billion) for the next year, while the figure was 1.05 quadrillion rials (about $25 billion) in the current year’s budget.

On December 8, President Hassan Rouhani submitted the administration’s draft of the national budget bill for the next Iranian calendar year 1399 to the Majlis.

The proposed budget amounted to about 19.88 quadrillion rials (about $473.3 billion at the official rate of 42,000 rials), with a 14-percent rise from the current year’s approved budget.

The bill has estimated the government’s budget at 5.63 quadrillion rials (about $134.04 billion), 8.2 percent higher than the figure in the present year’s budget.

A 15-percent rise has been envisaged in the salary of the governmental employees.

The submitted bill has envisaged 2.61 quadrillion rials (about $62.14 billion) of incomes, while 3.67 quadrillion rials (about $87.38 billion) of expenses.

Revenues from exporting oil, gas, and gas condensate are estimated at 454.9 trillion rials (about $10.83 billion), down 66 percent from 1.37 quadrillion rials (about $32.61 billion) approved in the current year’s budget.

Tax incomes are predicted to be 1.95 quadrillion rials (about $46.42 billion), rising 27 percent from 1.72 quadrillion rials (about $40.95 billion) envisaged in the present year’s budget.

The main characteristic of the next year's budget bill which makes it different from previous years' budget bills, is the impact of the U.S. sanctions on the country's economy and the consequent considerations which have been taken into account in preparing it.

The next year’s budget bill has been modified in terms of resources, expenditures, policies, and objectives, considering the resistance against the U.S. sanctions.

In resources, the government has tried to have the least dependence on oil resources in the history of the country’s economy.

MA/MA

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