The Ledger
Who got the dollars
Day by day, the Central Bank of Iraq wrote down how many dollars each bank bought, and which requests it turned down and why. It published those records, then deleted many of them. We have recovered what survives.
$170.2bn
traced to 68 named banks, from 2012 to 2020
Tier A
$4.28bn
bought in cash directly by exchange and transfer companies, from 2014 to 2019
Tier A
What we can name
From the Central Bank's own minutes and bulletins, we can name the buyer of $170.2 billion of the dollars it sold from 2012 to 2020: 68 banks. Every amount agrees with the arithmetic of its own table, and each day is checked against the total the Central Bank published for that day. Rows that fail these checks stay on the page but are not counted, so every figure here is a minimum, not an estimate.
| Year | Central Bank sales | Sold to a bank we can name | Share | What survives |
|---|---|---|---|---|
| 2012 | $48.6 billion | $0.27 billion | 0.6% | one committee memo |
| 2013 | $53.2 billion* | $46.23 billion | 87% | most working days |
| 2014 | $51.7 billion* | $34.55 billion | 67% | most working days; many scans unreadable |
| 2015 | $44.3 billion | $31.78 billion | 72% | most working days |
| 2016 | $33.5 billion | $25.89 billion | 77% | most working days |
| 2017 | $42.2 billion | $19.77 billion | 47% | January to June, and 27 days from July to December |
| 2018 | $47.1 billion | $0.16 billion | 0.3% | one day (27 February) |
| 2019 | $51.1 billion | $11.39 billion | 22% | 59 days |
| 2020 | $44.1 billion | $0.18 billion | 0.4% | one day |
Source: * Sales at the daily auction, without letters of credit. For the years from 2003 to 2011 and from 2021 onwards, the Central Bank never published figures for each bank, or they have not yet been found.Tier A
The banks, ranked by what they bought
All years: $170.22 billion across 68 banks. Choose a year:
- Al-Huda Bank$10.30 billion
- Investment Bank of Iraq$9.08 billion
- Sumer Commercial Bank$8.82 billion
- Erbil Bank for Investment & Finance$8.24 billion
- National Islamic Bank$8.13 billion
- International Development Bank (IDB)$7.97 billion
- Gulf Commercial Bank$7.68 billion
- Iraqi Middle East Investment Bank$7.67 billion
- Ashur International Bank for Investment$7.61 billion
- Region Trade Bank (RTB, formerly Emerald Bank)$7.45 billion
- Rasheed Bank$6.79 billion
- Trans Iraq Bank (Iraq Trans Bank)$6.64 billion
- Cihan Bank for Islamic Investment & Finance$6.22 billion
- Iraqi Islamic Bank for Investment & Development$6.09 billion
- United Bank for Investment (UBI)$5.81 billion
| # | Bank | Bought | Cash | Transfers | Refused | Price gap | Years |
|---|---|---|---|---|---|---|---|
| 1 | Al-Huda Bank | $10.30 billion | $206.1 million | $10.09 billion | $1.05 billion | $371.4 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 2 | Investment Bank of Iraq | $9.08 billion | $2.38 billion | $6.70 billion | $1.08 billion | $350.6 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 3 | Sumer Commercial Bank | $8.82 billion | $821.1 million | $8 billion | $1.23 billion | $323.5 million | 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 4 | Erbil Bank for Investment & Finance | $8.24 billion | $332.9 million | $7.91 billion | $1.63 billion | $315.9 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 5 | National Islamic Bank | $8.13 billion | $1.54 billion | $6.59 billion | $1.01 billion | $329.7 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 6 | International Development Bank (IDB) | $7.97 billion | $2.23 billion | $5.74 billion | $1.11 billion | $307.6 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 7 | Gulf Commercial Bank | $7.68 billion | $617 million | $7.06 billion | $1.08 billion | $272.6 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 8 | Iraqi Middle East Investment Bank | $7.67 billion | $1.21 billion | $6.47 billion | $314.3 million | $351.9 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 9 | Ashur International Bank for Investment | $7.61 billion | $2.43 billion | $5.17 billion | $841.3 million | $306.7 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 10 | Region Trade Bank (RTB, formerly Emerald Bank) | $7.45 billion | $420 million | $7.03 billion | $1.15 billion | $288.9 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 11 | Rasheed Bank | $6.79 billion | $6.73 billion | $66.9 million | $515.2 million | $278 million | 2012, 2013, 2014, 2015, 2016, 2017 |
| 12 | Trans Iraq Bank (Iraq Trans Bank) | $6.64 billion | $939.5 million | $5.70 billion | $155 million | $270.6 million | 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 13 | Cihan Bank for Islamic Investment & Finance | $6.22 billion | $1.43 billion | $4.79 billion | $826.4 million | $242.6 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 14 | Iraqi Islamic Bank for Investment & Development | $6.09 billion | $1.42 billion | $4.67 billion | $1.01 billion | $260.8 million | 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 15 | United Bank for Investment (UBI) | $5.81 billion | $456.9 million | $5.35 billion | $933.4 million | $247.1 million | 2013, 2014, 2015, 2016, 2017, 2018, 2020 |
| 16 | Al-Bilad Islamic Bank for Investment & Finance | $4.82 billion | $176.9 million | $4.64 billion | $1.76 billion | $212.9 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018 |
| 17 | North Bank for Finance & Investment | $4.28 billion | $78.6 million | $4.20 billion | $1.27 billion | $170.5 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018 |
| 18 | Union Bank of Iraq | $4.20 billion | $1.73 billion | $2.47 billion | $512.7 million | $177.3 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 19 | Kurdistan International Islamic Bank for Investment & Development | $3.36 billion | $303.9 million | $3.06 billion | $818.8 million | $124.6 million | 2012, 2013, 2014, 2015, 2016, 2017 |
| 20 | National Bank of Iraq (NBI) | $3.31 billion | $457 million | $2.85 billion | $409.8 million | $134 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 21 | Elaf Islamic Bank (formerly Barakaat Bank) | $3.26 billion | $1.72 billion | $1.55 billion | $140.5 million | $135.5 million | 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 22 | Mosul Bank for Development & Investment | $3.23 billion | $603.5 million | $2.63 billion | $655.8 million | $128.8 million | 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 23 | Babylon Bank | $2.93 billion | $77.2 million | $2.85 billion | $404.3 million | $151.9 million | 2013, 2014, 2015, 2016, 2017, 2018 |
| 24 | Economy Bank for Investment & Finance | $2.85 billion | $1.46 billion | $1.39 billion | $914.9 million | $123.9 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 |
| 25 | BBAC SAL (Erbil branch) | $2.13 billion | $12.3 million | $2.12 billion | $167.6 million | $107 million | 2012, 2013, 2014, 2015, 2016, 2017 |
| 26 | BankMed SAL (Iraq) | $1.80 billion | $105.5 million | $1.69 billion | $262 million | $84.1 million | 2012, 2013, 2014, 2015, 2016, 2017, 2018 |
| 27 | Commercial Bank of Iraq | $1.68 billion | $154 million | $1.52 billion | $577.6 million | $61.8 million | 2013, 2014, 2015, 2016, 2017, 2019 |
| 28 | Bank of Baghdad | $1.63 billion | $802.2 million | $829.9 million | $148.1 million | $56.9 million | 2013, 2014, 2015, 2016, 2017, 2018 |
| 29 | Al-Iraq Noor Islamic Bank for Investment & Finance | $1.22 billion | $23.9 million | $1.19 billion | $40.6 million | 2016, 2017, 2018, 2019 | |
| 30 | Warka Bank for Investment & Finance | $1.06 billion | $17.8 million | $1.04 billion | $69.9 million | 2012, 2016, 2017, 2018 | |
| 31 | Abu Dhabi Islamic Bank (ADIB Iraq) | $993.6 million | $38.8 million | $954.8 million | $33.6 million | $39 million | 2013, 2014, 2015, 2016, 2017, 2018 |
| 32 | Arabia (Al-Arabiya) Islamic Bank | $935.4 million | $6.5 million | $928.9 million | $11.6 million | 2017, 2018, 2019, 2020 | |
| 33 | Dijlah & Furat Bank for Development & Investment | $885.6 million | $111.8 million | $773.8 million | $643.7 million | $49.5 million | 2012, 2013, 2015, 2016, 2017 |
| 34 | Fransabank SAL (Iraq branch) | $851.7 million | $15.2 million | $836.4 million | $34 million | $38.1 million | 2014, 2015, 2016, 2017, 2018 |
| 35 | Al-Janoob Islamic Bank for Investment & Finance | $833.5 million | $41.6 million | $791.9 million | $35.5 million | 2016, 2017, 2018, 2019, 2020 | |
| 36 | Credit Libanais SAL | $828.4 million | $191.1 million | $637.3 million | $233.3 million | $33.5 million | 2013, 2014, 2017, 2018 |
| 37 | Trust International Islamic Bank | $809.5 million | $1.7 million | $807.7 million | $5 million | 2017, 2018, 2019, 2020 | |
| 38 | Mansour Bank for Investment | $761.3 million | $167.2 million | $594.2 million | $234.1 million | $29.2 million | 2012, 2013, 2014, 2015, 2016, 2017, 2019 |
| 39 | Banque Libano-Française (Iraq) | $697.5 million | $2.8 million | $694.7 million | $152.8 million | $30.6 million | 2013, 2014, 2015, 2016, 2017 |
| 40 | World Islamic Bank for Investment & Finance | $684.6 million | $19.2 million | $665.4 million | $28.5 million | 2016, 2017, 2018, 2019, 2020 | |
| 41 | Türkiye İş Bankası (all Iraq branches) | $683.7 million | $4 million | $679.7 million | $36.2 million | 2015, 2016, 2017 | |
| 42 | Al-Qurtas Islamic Bank for Investment & Finance | $626.7 million | $1.6 million | $625.1 million | $4.2 million | 2017, 2018, 2019, 2020 | |
| 43 | Trade Bank of Iraq (TBI) | $538.1 million | $272.1 million | $265.9 million | $164.8 million | $32 million | 2013, 2014, 2015, 2016, 2017 |
| 44 | Al-Qabidh (Al-Qabid) Islamic Bank | $529.3 million | $2.9 million | $526.4 million | $3.9 million | 2017, 2018, 2019, 2020 | |
| 45 | Bank of Iraq Trade & Investment / Al-Ansari | $518.7 million | $1.8 million | $516.8 million | $3.4 million | 2017, 2018, 2019, 2020 | |
| 46 | Zain Iraq Islamic Bank for Investment & Finance | $419.7 million | $33.8 million | $386 million | $8.1 million | 2016, 2017, 2018, 2019, 2020 | |
| 47 | Credit Bank of Iraq | $388 million | $149.4 million | $238.6 million | $154.6 million | $17.6 million | 2013, 2014, 2015, 2016, 2017, 2019 |
| 48 | T.C. Ziraat Bankası | $333.8 million | $7 million | $326.7 million | $21.5 million | 2015, 2016, 2017 | |
| 49 | MEAB Bank SAL | $288.6 million | $8.5 million | $280.1 million | $5.6 million | $12.3 million | 2014, 2015, 2016, 2017, 2019 |
| 50 | Dar Es Salaam Investment Bank | $280.2 million | $223.9 million | $56.2 million | $53.9 million | $11.6 million | 2012, 2013, 2014, 2015, 2017, 2019 |
| 51 | Bank Audi (Iraq branches) | $196.3 million | $196.3 million | $2.2 million | 2017, 2018, 2019 | ||
| 52 | Byblos Bank (Iraq / Erbil) | $180.4 million | $0.3 million | $180.1 million | $9.8 million | 2013, 2015, 2016, 2017, 2018 | |
| 53 | Rafidain Bank | $178.6 million | $148.5 million | $30.1 million | $44.4 million | $8.7 million | 2013, 2014, 2015, 2016, 2017 |
| 54 | Al-Mustashar Islamic Bank for Investment & Finance | $122.9 million | $0.6 million | $122.3 million | $0.9 million | 2019, 2020 | |
| 55 | IBL Bank SAL | $104.1 million | $4 million | $100.1 million | $14.8 million | $4.4 million | 2012, 2013 |
| 56 | Al-Rajih Islamic Bank for Finance & Investment | $84.3 million | $1.2 million | $83.1 million | $0.7 million | 2018, 2019, 2020 | |
| 57 | Islamic Cooperation Bank for Investment (Taawen) | $61.8 million | $61.8 million | $17.2 million | $3.5 million | 2013, 2015 | |
| 58 | Asia Iraq Islamic Bank (Asia Bank) | $51.2 million | $0.8 million | $50.4 million | $0.5 million | 2019, 2020 | |
| 59 | Bank of Iraq (formerly Iraqi Socialist Bank) | $43.2 million | $9.4 million | $33.9 million | $1.5 million | 2015, 2016, 2017 | |
| 60 | Ameen Al-Iraq Islamic Bank for Investment & Finance | $29.1 million | $0.1 million | $28.9 million | $0.3 million | 2019, 2020 | |
| 61 | Al-Nahrain Islamic Bank | $7 million | $7 million | $0.5 million | 2015, 2016 | ||
| 62 | Albaraka Türk Katılım Bankası (Erbil branch) | $6 million | $6 million | $0.1 million | 2014 | ||
| 63 | Al-Taif Islamic Bank for Investment & Finance | $5.2 million | $0.2 million | $5 million | $0.1 million | 2019, 2020 | |
| 64 | Al-Wed International Islamic Bank | $5 million | $5 million | $0.4 million | 2016 | ||
| 65 | Al-Mashreq Al-Arabi Islamic Bank | $4.3 million | $0.4 million | $3.9 million | $0 million | 2019 | |
| 66 | Arab Bank Iraq | $3.3 million | $3.3 million | $0.2 million | 2017 | ||
| 67 | International Islamic Bank | $3.1 million | $0.1 million | $3 million | $0.1 million | 2019, 2020 | |
| 68 | Al-Mal Islamic Bank for Investment (formerly Ur Islamic Bank) | $1.2 million | $1.2 million | $0 million | 2019 |
A further $1.99 billion appears in rows whose bank name we could not match to a licensed bank. These rows are shown in the daily record and are not credited to any bank.
The biggest buyers
The biggest buyers we can document: Al-Huda Bank ($10.30 billion), Investment Bank of Iraq ($9.08 billion) and Sumer Commercial Bank ($8.82 billion). In 2013 the biggest single buyer was Rasheed Bank, with $4.83 billion.
Exchange and transfer companies
Exchange and money-transfer companies bought a further $4.28 billion in cash directly from the Central Bank, in 2014, 2015, 2016, 2017, 2018 and 2019. Their names are translated from the Central Bank's bulletins.
- Bilad Al-Sham for Money Transfer$328 million
- Al-Noor for Money Transfer$262.2 million
- Iraqna for Money Transfer$236.6 million
- Al-Muttahida for Money Transfer$203.6 million
- Al-Muhaj for Money Transfer$195.8 million
- Al-Nubala for Money Transfer$195.7 million
- Hemon for Money Transfer$194.7 million
- Al-Rabita Al-Maliya for Money Transfer$192.9 million
- Al-Harir for Money Transfer$190.3 million
- Al-Nada for Money Transfer$186.3 million
Anyone named on this page may send a reply with documents. It will be published next to the record, and errors are corrected with the date of the correction. Write to the publisher through the address on the About page.