laying the groumd for rapid economic growth
In order to stabilize use of the foreign currency derived from oil in the Fourth Economic, social and Cultural Development Plan of the Islamic Republic of Iran and to convert the proceeds of oil sales to other reserves and investment and creating the possibility to realize activities foreseen in the plan, government is bound to set up a "Foreign Currency Reserve Account of the Oil Income" and take the following measures:
A. Beginning the year 1384 (March 21, 2005), the surplus oil income in excess of the figures projected in Table 8 of this law be deposited in a government deposit account with the Central Bank of the Islamic Republic of Iran to be titled as "Foreign Currency Reserve Account of the Oil Income".
B. Equivalent to the balance of the Foreign Currency Reserve Account of the Oil Revenue, specified in Article (60) of the "Law of the Third Economic, Social and Cultural Development Plan of the Islamic Republic of Iran, enacted on 05/04/2000 and its amendments" by the end of the year 1383 (20 March 2005), as well as the balance of the government receivables from the entities that received facilities from the said account, shall be deposited in the "Foreign Currency Account of the Oil Revenue".
C.Use of the funds of the foreign currency deposit account to finance the government general budget deficit is permissible only when the foreign currency income from the oil falls below the figures indicated in Table (8) of this law, and when it would not be possible to meet the approved appropriations through the general revenue sources and divestiture of the financial assets. In such cases, government may make quarterly payment from the available funds in the foreign currency account. The Rial equivalent of these funds shall be deposited in the government general revenue account. Use of foreign currency account to compensate for the deficit in the non-oil budget revenue is prohibited.