The Iranian parliament on 27 May approved the budget bill for the Iranian year which started on 21 March, with total expenditure of IR7,290 trillion ($595bn at the official rate of $1=IR12,260), an increase of 22% over the previous year, according to Iranian media.

Oil revenue in the budget bill is based on an oil price assumption of $95/B (up from $85/B in the previous year) and an exchange rate of $1=IR12,260 (the official rate set by the Central Bank of Iran – CBI). The new budget bill projects a 40% drop in oil revenue compared to last year’s budget. When the budget for the current year was first announced it estimated a $54bn fall in oil revenue compared to 2012. (CONTINUED - 308 WORDS)