The Kurdistan Regional Government’s (KRG) Ministry of Finance announced on Monday that it has transferred over 85 billion dinars from its domestic revenues to the Federal Government of Iraq.

In a statement, the ministry detailed that the “Kurdistan Regional Government’s Ministry of Finance deposited 85,199,634,000 dinars from the internal revenues of the Kurdistan Region for February 2024 in cash into the bank account of the Iraqi federal government at the Erbil branch of the Central Bank of Iraq.”

“This amount represents 50 percent of the customs and tax revenues of the Kurdistan Region for February,” it added.

This action aligns with a February ruling by Iraq’s Supreme Federal Court, which mandates that the KRG must transfer all oil and non-oil revenues to Baghdad.

The federal government and the Kurdistan Regional Government last week reached an agreement regarding non-oil revenues. 

Following the agreement between the delegations of the Iraqi government and the KRG, it is scheduled that the non-oil revenue of March will be deposited next week into the Central Bank of Iraq branch in Erbil too, adding it to the account of the Iraqi Ministry of Finance.

Kurdistan Region Prime Minister Masrour Barzani on Monday said that he is in constant communication with the Iraqi Prime Minister Mohammed Shia’ al-Sudani to resolve obstacles and disputes with the federal government based on the constitution, ensuring the Region's constitutional rights and financial entitlements.

Kurdistan Region Deputy Prime Minister Qubad Talabani announced in a press release last week “both governments have reached an agreement to send non-oil revenues to Baghdad, with only the mechanism for sending them remaining to be agreed upon.”

The Ministry of Finance of the Kurdistan Region has opened a bank account at the Central Bank of Iraq, Erbil branch, to send the non-oil revenues for February and March of this year to Baghdad.