KRG deposits half of February internal revenue to the Iraqi Federal Government

Shafaq News/ The Kurdistan Region's Ministry of Finance has deposited a portion of the Region's February internal revenue with the Iraqi Ministry of Finance, an official statement said on Monday. 

The deposit, according to the statement, totaled 85,199,634 Iraqi dinars (approximately $58 million). This amount represents 50% of the Kurdistan Region's tax and customs revenue collected in February 2024. 

"The funds were transferred in cash to the Iraqi federal government's account at the Erbil branch of the Central Bank of Iraq," it said. 

This action follows the Kurdistan Regional Government's previous deposit of its share of non-oil revenue into the federal account in April 2024. 

In June 2023, Iraq's parliament approved a three-year budget bill totaling nearly 198.9 trillion dinars ($153 billion), the largest in the country's history.

Under this law, the semi-autonomous Kurdish region must deliver 400,000 barrels per day (bpd) to the federal authorities and half of its non-oil revenues before receiving its 12.6 percent share of the federal budget.