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Iran
Monetary and Fiscal Policy
The Iranian fiscal year begins on March 21 and runs through March
20 of the following calendar year. The budget, presented to the
Majlis by the Planning and Budget Organization, consists of three
sections: ordinary, plan, and defense allocations. Because of
conflict between the Revolution's stated opposition to the massive
defense expenditures of the shah and the high cost of the war
with Iraq that began less than one year after the Revolution,
as of late 1987 there had been no fiscal year in which defense
expenditures were not severely understated for domestic political
reasons. As a result, attempting to set forth actual figures on
the money supply, especially as a function of fiscal policy, was
almost pointless.
Data as of December 1987
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