Erbil hands Baghdad 48 billion dinars in non-oil revenues
The Ministry of Finance and Economy in the Kurdistan Regional Government announced on Monday that the federal treasury’s share of non-oil revenues for February had been transferred to Baghdad.
According to a statement from the ministry, received by Shafaq News Agency, the transferred amount amounted to 48 billion and 722 million Iraqi dinars, which were deposited in the Erbil branch of the Central Bank of Iraq.
Last month, the Kurdistan Regional Government’s Ministry of Finance and Economy announced the transfer of approximately 52 billion dinars in non-oil revenues to the federal treasury in Baghdad.
Despite the budget amendments being completed a month and a half ago, there’s a “possible” reason behind the delay in the schedules.
More than a month and a half has passed since the 2025 budget amendment was passed, but the 2025 schedules have yet to reach Parliament, raising questions about the reasons behind them. The initial obstacle to submitting the schedules was the delay in the budget amendment, but it appears the delay stems from the same reason related to Article 12 of the budget, which was amended but did not bear fruit.
Member says Finance Committee Parliamentarian, Mustafa Al-Karaawi, told Sumaria News that “the 2025 budget schedules were supposed to arrive before the end of the fiscal year, according to the text of Article 77, secondly, of the law Financial management But the schedules have not arrived yet, which is considered a violation of this text.
He explained that “there is information that the tables will reach House of Representatives “At the end of this month,” he said, noting that “the delay in the schedules has disrupted many of the country’s economic activities, the launch of operating budgets, and the halting of projects.”
He stressed that “there are no appointments or confirmations for specific categories in the current year’s budget,” noting that “the allocations will be within the previous sections, but with different numbers, so the 2025 budget will be free of appointments.”
The delay in sending the schedules for approval was due to the awaited amendment to the budget law, particularly Article 12 related to the Kurdistan Region’s oil. After the amendment passed in early February, it was followed by significant tension and disagreements.
Despite about a month and a half having passed since the budget amendment was passed, the schedules have not yet been sent. It appears that the delay in sending the schedules is linked to the delay in resolving the issue of resuming Kurdistan’s oil exports due to the ongoing disputes between Baghdad and foreign companies in Kurdistan. The Ministry of Finance and the government are unable to confirm the final expected revenue figures due to the lack of a decision on whether or not oil will be exported from Kurdistan.
To reduce speculation, a Sudanese advisor reveals a new monetary strategy.
The Prime Minister’s economic advisor, Mazhar Mohammed Saleh, revealed a new monetary strategy Sunday evening that seeks to reduce speculation.
Saleh said in a statement to Al-Furat News that: “A new monetary strategy aims to gradually attract foreign exchange transactions to the officially regulated banking system.”
He explained that “this strategy focuses on expanding the base of buying and selling foreign currency at fixed and stable rates, in line with the current monetary policy.”
Saleh emphasized that “these steps coincide with enhancing the freedom of the foreign exchange process, with a high commitment to transparency and money governance in line with international standards.”
He pointed out that “this strategy is being implemented in an organized and precise manner by the Iraqi banking system, and specifically targets large transfers, especially those related to financing wholesale trade.”
Saleh also pointed out “the importance of stimulating electronic banking transactions to reduce cash circulation, which contributes to feeding the parallel market with cash dollars, thus reducing speculative operations that take place outside the framework of the law.”
“Astronomical amounts”… Rafidain Bank reveals the amounts collected from electronic collection for the year 2024.
The state-run Rafidain Bank announced on Sunday that it achieved more than 6.06 trillion Iraqi dinars from electronic collections during 2024, indicating that the amounts were also high at the beginning of the current year.
In a statement received by Shafaq News Agency, the bank stated that the Government Revenue Collection Department at Rafidain Bank announced “an unprecedented growth in electronic collection settlements for government department accounts during 2024,” stressing “the increasing pace of collection through electronic payment companies, which reflects the significant development in adopting digital systems in government revenue management.”
According to statistics issued by Rafidain Bank, “the total amount collected during 2024 exceeded 6.06 trillion Iraqi dinars, registering a continuous increase compared to the first months of the year. September 2024 witnessed the highest growth rate, with total settlements reaching 838.5 billion dinars, an increase of 11.12% compared to the previous month.”
The statement added, “At the beginning of 2025, the system continued its strong performance, with total collections in January 2025 reaching approximately 707.5 billion dinars, followed by February with 689.2 billion dinars. Government departments also recorded a significant increase in the activation of the electronic collection system, with the number of activated entities rising to 1,808 by last February, compared to 1,395 in December 2024.”
Rafidain Bank affirmed that “this significant growth reflects the success of the state’s efforts to promote digital transformation, reduce reliance on cash, and achieve higher levels of transparency and financial efficiency. It also emphasized that the electronic collection system represents a fundamental pillar in improving collection mechanisms and reducing the risks of financial corruption.”
He pointed out that “this qualitative leap comes within the framework of the ongoing efforts led by Rafidain Bank, in cooperation with government agencies, to support the digital economy, enhance confidence in electronic financial transactions, and raise the efficiency of the financial sector in Iraq.”
