Iran posted a budget deficit of IR270 trillion ($8.2bn at the fixed budget rate of $1=IR33,000) in fiscal year 2017-18, which ended on 20 March. This was marginally down in dollar terms (but up 5.6% in rials) from the previous year’s deficit of IR255 trillion ($8.5bn at $1=IR29,970), according to statistics from the Central Bank of Iran (CBI) released this week.
Iranian budgets are usually balanced when they are first introduced in parliament and any deficit arising during the year is financed by government borrowing from the CBI and/or through domestic bond issuance or other debt instruments. (CONTINUED - 1036 WORDS)
