TEHRAN - The Integration Committee of the Iranian parliament (Majlis) has approved dollar price to be set at 12,260 rials in the current year’s budget bill, while the government has proposed the figure of 11,500 rials, Mehr news agency reported.

 

The Industry Committee of the Majlis has also approved $85 oil price in drafting the current year’s budget bill. The previous year’s budget bill has been prepared based on $81.5 oil price.

 

The National Development Fund (NDF) of Iran will allocate 20 percent of its assets to industry and agriculture sectors in the current calendar year, which began on March 20, a member of the Majlis stated.

 

Ali-Asghar Yousefnejad told Fars news agency that 10 percent of the fund’s assets will be also paid to the privately-run industrial and mining entities.

 

President Mahmoud Ahmadinejad has said that the National Development Fund’s assets would hit $55 billion by the end of the current calendar year.

 

At least 20 percent of the fund’s credits will be allocated to promoting foreign investment, according to Iran's Finance and Economic Affairs Minister Shamseddin Hosseini.

According to the Fifth Five-Year Development Plan (2010-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.

Iran transfers 20 percent of oil revenues to National Development Fund.