Latest statistics from the Central Bank of Iran (CBI) show that Iran has posted a budget deficit of IR269 trillion ($8.98bn at the exchange rate of $1=IR29,970 set for the 2016-17 budget) for the first nine months of the current year – ie to 20 December. Pro rata, this implies a full year deficit of $12bn, an improvement on the $13.2bn projected after six months (MEES, 9 December 2016). The original 2016-17 budget was balanced as is usually the case, with spending equal to revenue and thus zero deficit.

But revenue from both the oil and non-oil sectors has fallen behind projected levels (see table). (CONTINUED - 756 WORDS)