Iran posted a budget deficit of IR288.5 trillion ($9.6bn at the fixed budget rate of $1=IR29,970) in fiscal year 2016-17 which ended on 20 March, up 51% in nominal terms from the previous year, according to latest statistics from the Central Bank of Iran (CBI) released this month (see table).
Although Iranian budgets are usually balanced when they are first introduced to parliament, they have of late ended up with a sizeable deficit which usually has to be financed by government borrowing from the CBI and /or through domestic bonds or other debt instruments. (CONTINUED - 849 WORDS)
