Iran’s budget deficit came in bigger than expected in the first nine months of the current fiscal year (March 21-Dec. 21, 2018) to hit Rials 451.1 Tln ($3.8 billion), latest data released by the Central Bank of Iran show.
The shortfall, which was larger than the budget’s forecast of Rials 243.9 Tln ($2.05 billion) for the nine-month period, registered an increase of 17% and 5.7% compared with the same period of last year and the eight-month period’s figure, respectively.
The eight-month budget deficit (March 21-Nov. 21, 2018) stood at Rials 426.5 Tln ($3.6 billion), 7.8% higher year-on-year.
To cover the deficit, the government sold 8.7% more bonds—a total of Rials 653.7 Tln ($5.52 billion)—in the nine-month period year-on-year.