Iraq’s Central Bank (CBI) has issued new instructions for all licensed banks to follow stricter rules on commercial invoices. The goal is simple: make financial transfers more transparent and speed up customs clearance.
The circular, number 267/4/9, lays out exactly what banks and businesses need to include in invoices. Key details now required are:
- Shipping and payment terms
- Invoice value and currency
- The HS code (Global Harmonized System code) for the goods
- Addresses of both the importer and the consignee
- Clear descriptions of the goods, including brand and country of origin
- Quantity, unit of measure, unit price, and total price
According to Eco Iraq, a research and media organization focused on the economy, these changes are expected to standardize trade procedures, reduce mistakes, and make it easier to use automated customs systems.
In short, this is a move to simplify trade, make it more reliable, and bring Iraq closer to global standards.
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