First budget submitted since US sanctions restored
203 views · Published 30 December 2018 · 1:28 · Indexed 13 October 2026
Channel: AP Archive · 2018 · News & Politics
(25 Dec 2018) 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 US dollars budget submitted on Tuesday is less than half of last year's, mainly due to the severe depreciation of the local currency following President Donald 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 100,000 today. 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 US dollars a barrel. It did not say whether it projects a deficit. President Hassan Rouhani acknowledged that the sanctions negatively impact the country's economy and people's lives, while saying that they also failed to help the US achieve its goals. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/73d37bd4625856dc2d6ffd72aaa0f0da
