TEHRAN, Iran (NBC) – Iran’s president has submitted next year’s budget to parliament, the first after the United States renewed sanctions targeting the oil industry.
The $47.5 billion budget submitted Tuesday is less than half of last year’s.
This is mainly due to the severe depreciation of the local currency following President Trump’s decision to withdraw from the 2015 nuclear deal and restore sanctions.
Iran’s Rial currency has fallen from around 42,000 to the dollar a year ago to around 100-thousand per-dollar Tuesday.
The government plans to fund 35 percent of the budget with oil revenues, projecting exports of up to 1.5 million barrels a day at a maximum of $54 a barrel.
It did not say whether it projects a deficit.
President Hassan Rouhani acknowledged that the sanctions have negatively impacted the country’s economy and people’s lives, while saying that they also failed to help the U.S. achieve its goals.
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