Iran’s parliament approves $97 billion budget

Iran’s parliament approved a $97 billion budget for the current year, the official IRNA news agency reported on Tuesday.

The figure - compared to the budget the previous year, which was $72 billion - reflects Iran’s hopes for its economy following a landmark nuclear deal with the world powers.

The report said the new budget allows the government to set the price of oil at $40 a barrel and to export 2.25 million barrels per day.

Iran says it has increased its crude export to 2.1 million barrels per day, almost double the production levels before the nuclear deal went into effect in January. The deal resulted in the lifting of international sanctions and the resumption of Iranian oil exports.

The bill needs ratification by the Guardian Council, a constitutional watchdog, to become law. According to IRNA, the bill has a five percent increase for the defense budget, though there were no details.

Based on the bill, the official exchange rate would be 29,970 rials to the dollar. The rial is currently 34,550 to the dollar on the open market.

The bill separately budgets some $197 billion for hundreds of government companies and banks.