Iran's president submits draft $72B budget that reduces reliance on oil as price drops

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Iranian President Hasan Rouhani has presented parliament a draft budget that would reduce the government's reliance on oil revenues.

The $72 billion budget, unveiled Sunday, is about 6 percent more than the previous year's budget of $68 billion.

Oil revenues will make up just 33 percent of the proposed budget for the next Iranian calendar year that begins March 21, while it was 50 percent the previous year.

The proposed budget predicts an exchange rate of $1 U.S. dollar to 28,500 Iranian rials. The rial is currently 33,000 to $1.

The budget comes as sanctions over the country's nuclear program have eased amid negotiations with world powers. Negotiators hope for a final nuclear deal by July.

Iran also separately budgets some $182 billion for hundreds of government banks and companies.