The Kurdistan Region’s Ministry of Finance transferred part of the region’s internal revenue in February to the Iraqi Ministry of Finance, the ministry said in an official statement on May 27.
The amount of the deposit, according to the statement, amounted to 85,199,634 Iraqi dinars (around $58 million). This amount represents 50% of Iraqi Kurdistan’s tax and customs revenue collected in February 2024.
“The funds were transferred in cash to the Iraqi federal government account at the Erbil branch of the Central Bank of Iraq.”says the message.
This action followed the previous deposit (transfer as a deposit of money, securities, etc. for storage in the deposit – approx. IA Krasnaya Vesna) by the Kurdistan Regional Government from its share of non-oil revenues in the federal account in April 2024.
In June 2023, the Iraqi parliament passed a three-year budget bill totaling nearly 198.9 trillion dinars ($153 billion), the largest in the country’s history.
Under the law, the semi-autonomous Kurdish region must supply federal authorities with 400,000 barrels per day (bpd) and half of its non-oil revenue before receiving its 12.6% share of the federal budget.
Source: Rossa Primavera
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