Iran approves $508B budget
- Iran's parliament has signed off on a $508 billion budget bill that is about 40 percent bigger than that approved the previous calendar year, state media reported on Monday. The increase in the new budget, which runs through March 2012, is a result of a sharp reduction in energy and food subsidies and an increase in the global price of oil, the official IRNA news agency said, adding that the budget was based on an oil price of $81.5 per barrel. Oil prices have spiked well above $100 per barrel on the back of the unrest ravaging the Arab ...
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