Iran Cuts 2016 Budget

Iran has reduced its state budget for the coming year by 2.6 percent, as low oil prices put pressure on the country’s finances.

A government spokesman is quoted as saying that the budget for the year starting on 20th March has been tentatively set at 2.670 trillion rials, down from an original plan for this year of 2.740 trillion rials, not including state-owned enterprises.

The figures are based on an official exchange rate of 29.970 rials to the dollar, which would put the budget at $89.1 billion.

It must be approved by parliament, and figures could change before it is due to come into effect.

(Sources: Reuters, IRNA, Office of the Iranian President)

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