Shafaq News – Baghdad

Iraq’s central bank (CBI) on Saturday directed all licensed banks to adopt new requirements for commercial invoices, aiming to enhance transparency in financial transfers and streamline customs clearance.

The circular, numbered 267/4/9, specifies that commercial invoices must provide comprehensive details, including shipping and payment terms, invoice value and currency, and the global harmonized system (HS) code.

It also mandates the inclusion of importer and consignee addresses, a clear description of the goods, their country of origin and brand, as well as the quantity, unit of measure, and both unit and total prices.

Eco Iraq, a research and media organization specializing in economic analysis, highlighted that the new requirements are expected to standardize procedures, minimize errors in trade transactions, and facilitate the adoption of automated customs processes.

The initiative, it added, forms part of broader efforts by the CBI and government authorities to strengthen Iraq’s financial framework and enhance alignment with international trade standards.