28 Mar 2024
Thursday 5 December 2019 - 14:56
Story Code : 364888

Iran slashes budget spending as US sanctions crush oil sales

Bloomberg | Arsalan Shahla: The government of Iranian President Hassan Rouhani approved a substantially smaller budget for the next fiscal year as it cuts spending under the weight of crippling U.S. sanctions, especially on its oil exports.

The proposed budget was set at the rial equivalent of about $37 billion at the dollars widely used unofficial rate, state television said on Wednesday. Thats less than a third of what was allocated for the 12 months ending March 20.

In July, officials said they would plan the countrys next budget without including income from oil, the nations single-largest source of income over the last few decades.
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