The administration has presented the budget bill for the Iranian year 1405 for the first time based on the “new rial,” following the removal of four zeros from the national currency.
The move, if it receives final approval, is expected to put an end to years of using extremely large figures and complex calculations in the country’s financial documents.
Head of the Planning and Budget Organization Hamid Poormohammadi has said that under the new law, the 1405 budget bill has been submitted to the Parliament after slashing four zeros from the currency.
The next year’s budget bill has been reportedly drafted in line with the new monetary unit, with all revenue and expenditure items, allocations to government bodies, and the main budget tables presented to lawmakers in the updated numerical format.
According to the internal regulations of the Iranian Parliament, the administration should present the annual budget bill to the parliament in December each year.
It is submitted by the president to the legislature for review and approval.
Once the parliamentarians endorse the government’s proposed budget bill, it will go to the Constitutional Council for ratification before becoming law.