Baghdad: The Central Bank of Iraq has released new instructions to all authorized banks across the nation concerning financial transfers and customs clearance operations, with an emphasis on the requirements for approving special commercial invoices.

According to National Iraqi News Agency, a document from the Central Bank outlines the essential information required in commercial invoices. This includes details such as shipping and payment terms, invoice value and currency, the Global Customs Harmonizer Code, and the addresses of both the importer and exporter. Additionally, invoices must contain a precise description of the goods, their origin, brand, quantity, unit of measurement, and the unit and total price.

The circular mandates the approval of the final commercial invoice or the preliminary invoice attached to the sales contract, with the condition that the final invoice includes all preliminary data. The implementation of these instructions is scheduled to commence on November 1, 2025.

The decision aims to regulate foreign financial transfers while enhancing transparency and accuracy in customs clearance within the national automation project. This move is expected to bring several benefits, including the standardization of procedures, reduction of errors in commercial transactions, and support for the customs automation project.