Khamenei Wants Less Money Injected Into Iran's Wealth Fund

(Bloomberg) -- Iran’s supreme leader, Ayatollah Ali Khamenei, wants less oil income diverted to the country’s sovereign wealth fund, the semi-official Tasnim news agency reported, as the economy reels from renewed U.S. sanctions.

Khamenei has instructed parliament to amend the draft budget for the Iranian year beginning March 21 so 20 percent of oil revenue is paid into the National Development Fund, versus the originally planned 30 percent, Tasnim reported, citing lawmaker Nader Qazipour.

A smaller injection would mean more disposable cash for an economy battered by the U.S. withdrawal from the multipower nuclear deal with Tehran and subsequent sanctions on Iranian oil and banks.

Last year, 32 percent of Iran’s annual oil income was paid into the fund, the semi-official Iranian Students’ News Agency reported in November.

To contact the reporter on this story: Golnar Motevalli in Tehran at gmotevalli@bloomberg.net

To contact the editors responsible for this story: Lin Noueihed at lnoueihed@bloomberg.net, Amy Teibel, Paul Abelsky

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