Iran’s president presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.
Iranian President Hassan Rouhani gave the value of the nominally balanced draft budget at 4,845 trillion rials, equivalent to $38.8 billion at the free market exchange rate, for the Iranian year starting on March 20.
The new budget is 10% bigger than this financial year in local currency terms although its dollar value is lower due to annual inflation that is running at about 35%.
The budget forecasts revenues for oil, gas and condensates falling 40%, leaving a gap it plans to plug by using state bonds and selling state properties.
Preliminary reports by local news agencies said the budget appeared to be based on oil sales of 500,000 to 1 million barrels per day (bpd).