President Ebrahim Raisi’s first budget is in the hands of the country’s parliament, having been submitted earlier this month. The draft budget details the Islamic Republic’s finances for financial year 2022-23 which begins 20 March 2022 and envisions IR15,052 trillion in spending.

In Iranian Rials this is the highest figure on record, but under the draft budget exchange rate of $1 = IR230,000 it comes in at $65.44bn, which is considerably less than in pre-sanctions years. Notably, this exchange rate is considerably closer to the black-market rate of $1 = IR300,000 than it is to the official exchange rate of $1=IR42,000. The draft budget still has to pass through the Majlis – Iran’s parliament – where it will doubtless undergo considerable changes by MPs. (CONTINUED - 934 WORDS)