The Central Bank of Iraq (CBI) has introduced a new set of trade transparency rules designed to modernize the country’s financial system and streamline customs operations. The directive, issued under circular 267/4/9, requires all licensed banks to verify detailed information on commercial invoices before processing financial transfers related to imports.
According to the CBI, each invoice must now include comprehensive data such as shipping and payment terms, the total and unit values, currency, and the harmonized system (HS) code. It must also list the importer and consignee addresses, provide an accurate product description, the country of origin, brand, quantity, measurement units, and both unit and total prices.
The central bank said these new rules will help minimize documentation errors, prevent trade fraud, and make customs clearance procedures more efficient. By enforcing uniform invoice standards, Iraq aims to reduce inconsistencies in import documentation, strengthen compliance, and promote transparency in cross-border transactions.
Eco Iraq, a media and research organization specializing in economic development, praised the new measures, saying they would improve financial discipline and accelerate Iraq’s digital transformation in customs and trade management. The group noted that automating customs operations will simplify oversight and encourage a faster, more transparent flow of goods and funds.
The initiative also supports Iraq’s ongoing financial reform strategy. The CBI and government agencies are jointly developing frameworks to align with international trade and financial standards. These efforts aim to enhance investor confidence, attract more foreign capital, and ensure better coordination between commercial banks and customs authorities.
The updated requirements reflect Iraq’s broader goal of building a transparent, efficient, and globally integrated financial environment. Through stronger documentation and oversight, the CBI seeks to elevate the credibility of Iraq’s banking system and position the country as a more competitive player in international commerce.