The Ledger
What the Central Bank refused
From January 2013 to February 2015 the Central Bank's committee turned down $24.6 billion of the banks' requests for dollars, 27% of what they asked for in 2013. The committee wrote down the reason for each refusal in its daily minutes. This page shows those reasons as they were written.
Year by year
| Year | Banks asked for | Committee refused | Share |
|---|---|---|---|
| 2012 | $270.2 million | $0.2 million | 0% |
| 2013 | $64.58 billion | $17.70 billion | 27% |
| 2014 | $40.94 billion | $5.97 billion | 15% |
| 2015(January to February) | $2.19 billion | $889.6 million | 41% |
Source: The Central Bank committee's daily minutes; rows that pass the arithmetic checks onlyTier A
The reasons the committee wrote down
A single refusal can carry more than one reason, so the amounts here add up to more than the total refused. 9.9% of the reasons cannot be read in the surviving scans.
- Held back for audit$8.08 billion
- Other reasons$5.33 billion
- Missing or faulty documents$3.46 billion
- No reason given, or unreadable$2.83 billion
- Penalty on, or suspension of, the bank$2.58 billion
- Bank's funds did not cover the request$1.66 billion
- The same customer at more than one bank$1.55 billion
- Withdrawn at the bank's request$1.27 billion
- Customer in breach of anti-money-laundering rules$1.06 billion
- Problem with the import licence$880.4 million
- Names or details do not match$849.5 million
- Company's activity does not match the goods$345 million
- Bank below the capital requirement$335.2 million
- The bank's whole request excluded$328.7 million
- Old or invalid invoice$322.6 million
- Timing or procedure$312.9 million
- Duplicate or reused invoice$200.1 million
- Ministry of Trade letter$59.6 million
- Licence issued in the Kurdistan Region$28.9 million
Every refusal, as written
Largest first. Company names are given as the committee wrote them. They are not accusations.
4,820 rows
| Date | Bank | Refused | Of a request for | Reason | The committee's words |
|---|---|---|---|---|---|
| undated | $174 million | $242.7 million | No reason given, or unreadable | ||
| 6 June 2013 | North Bank for Finance & Investment | $56.8 million | $56.8 million | Held back for audit | لاغراض تدقيقية |
| undated | Rasheed Bank | $45.3 million | $45.3 million | Other reasons | اشارة الى تعميم المديرية العامة لمراقبة الصيرفة والانتمان المرقم 20/6/9 في |
| 6 June 2013 | Investment Bank of Iraq | $43.7 million | $43.7 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 8 June 2013 | North Bank for Finance & Investment | $41.5 million | $41.5 million | Held back for audit | لاغراض تدقيقية |
| 1 June 2013 | Dijlah & Furat Bank for Development & Investment | $37.1 million | $37.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 2 June 2014 | Ashur International Bank for Investment | $36.4 million | $36.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | سبب الاستبعاد عسب طلب المصرف بكتابه المرقم م ا/اد 1440 في 2014/6/3 |
| 30 May 2013 | Dijlah & Furat Bank for Development & Investment | $35.1 million | $35.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 2 June 2013 | Dijlah & Furat Bank for Development & Investment | $34.3 million | $38.3 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية الرصيد المصرف |
| 21 May 2013 | Dijlah & Furat Bank for Development & Investment | $34.3 million | $34.3 million | The same customer at more than one bank; Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف 1-تكرار اسماء (شركة الانيق وشركة عبر الخليج) 2-نقصر |
| 2 June 2013 | Al-Huda Bank | $34.1 million | $38.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 1 June 2013 | Al-Huda Bank | $34.1 million | $34.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 8 June 2013 | Erbil Bank for Investment & Finance | $32.7 million | $32.7 million | Held back for audit | لاغراض تدقيقية |
| 6 June 2013 | Dijlah & Furat Bank for Development & Investment | $31.8 million | $31.8 million | Bank's funds did not cover the request; Missing or faulty documents; Held back for audit | لعدم كفاية رصيد المصرف 1-شركة الكرادة والفيحاء والسهيل وبلودان والسنان والافضل والسبر و الاباء !لاغراض تدقيقية )2-شركة السلسبيل والرونق!عدم وجود |
| 8 June 2013 | Dijlah & Furat Bank for Development & Investment | $30.7 million | $30.7 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 8 June 2013 | International Development Bank (IDB) | $30.6 million | $30.6 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 22 May 2013 | Dijlah & Furat Bank for Development & Investment | $29.9 million | $29.9 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 19 November 2013 | Al-Bilad Islamic Bank for Investment & Finance | $29.8 million | $29.8 million | No reason given, or unreadable | |
| 4 February 2014 | International Development Bank (IDB) | $29.5 million | $29.5 million | No reason given, or unreadable | |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $29.3 million | $29.3 million | Other reasons | يستبعد لوجود خطأ في التاريخ المثيت على استمارة الشراء |
| 28 December 2013 | Al-Bilad Islamic Bank for Investment & Finance | $29.1 million | $29.1 million | Other reasons | حدم الراج السم المدير المفرض في ققمة الشراء |
| 22 January 2014 | Al-Bilad Islamic Bank for Investment & Finance | $29.1 million | $29.1 million | Missing or faulty documents; Penalty on, or suspension of, the bank | لعدم كتابة اسم المدير المفوض على استمارة الشراه |
| 17 May 2014 | Erbil Bank for Investment & Finance | $28.6 million | $28.6 million | Names or details do not match; Penalty on, or suspension of, the bank | الحوالة والنقد لاختلاف اسم المخول لوحدة غسل 28,550,000 الاموال وحسب مذكرة الصيرفة المرقمة 6924/7/9 في 2014/5/6 |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $28.3 million | $28.3 million | No reason given, or unreadable | |
| 17 November 2013 | Al-Bilad Islamic Bank for Investment & Finance | $28.1 million | $28.1 million | Other reasons | ال لية اليات المية قمرقة م 327d/ في 2013/1017 |
| 26 February 2014 | Ashur International Bank for Investment | $27.9 million | $27.9 million | Other reasons | سبب الاستبع وشراء العملة الاجنبية |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $27.8 million | $27.8 million | Bank's funds did not cover the request; Missing or faulty documents | 1- لعدم كفاية رصيد المصرف الذي يبلغ ,!43638038) مليار دينار عراقي 2-بالنسبة للنقد يستبعد لتقديم الطلب في غير الموعد المحدد |
| 29 May 2013 | Dijlah & Furat Bank for Development & Investment | $27.4 million | $35.4 million | The same customer at more than one bank | 1-لتقديمه طلبين حوالة احدهما يخالف موعد التقديم2-لتكرار الفاتورة ذكثر من طلب تحويل تسلسل ,3,2,5,6) في كشف الحوالات |
| 9 June 2013 | North Bank for Finance & Investment | $27.1 million | $27.1 million | Held back for audit | لاغراض تدقيقية |
| undated | North Bank for Finance & Investment | $26 million | $26 million | Other reasons | 2074/0412 26,021,000 الصيرفة العرقمة 41318/2/9 |
| 5 September 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $25.6 million | $29.6 million | The same customer at more than one bank; Held back for audit | 1-استبعدت الحوالة لاغراض تدقيقية 2-استبعد من النقد لتكرار اسماء الزبائن في قوانم البيع مع مصرف الاعتماد اللبناني ,شركة هه مون ) |
| 19 June 2013 | Kurdistan International Islamic Bank for Investment & Development | $25.3 million | $31.3 million | Withdrawn at the bank's request | حسب طلب المصرف |
| undated | Kurdistan International Islamic Bank for Investment & Development | $25.3 million | $28.5 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 984/ادارة/226 في 20/7/2013 |
| undated | Erbil Bank for Investment & Finance | $25.3 million | $25.3 million | Held back for audit | لاغراض تدقيقية |
| 9 December 2013 | Ashur International Bank for Investment | $25.1 million | $25.1 million | Other reasons | سهب الامنتهعا عم كالنية الرميد البادي في حب المصرف |
| 28 January 2014 | Al-Bilad Islamic Bank for Investment & Finance | $24.5 million | $28.8 million | Other reasons | 207 410 /2 2791567113 رجب كتي العر |
| 23 June 2013 | North Bank for Finance & Investment | $24.3 million | $24.3 million | Held back for audit | لاغراض تدقيقية |
| 18 May 2014 | Erbil Bank for Investment & Finance | $24 million | $24 million | Names or details do not match; Penalty on, or suspension of, the bank | استبعاد لاختلاف اسم مسؤول وحدة غضل الاموال حسب مذكرة الصيرفة المرقمة 6924 في 2014/5/6 |
| 18 November 2013 | Al-Bilad Islamic Bank for Investment & Finance | $23.7 million | $23.7 million | Other reasons | تقديم الصعاملة بمدة القل من اسبوح قول جلمة: |
| 25 November 2013 | Rasheed Bank | $23.7 million | $103.4 million | No reason given, or unreadable | |
| 3 February 2014 | United Bank for Investment (UBI) | $23.6 million | $23.6 million | Other reasons | لاعراض تدافيقية |
| undated | Erbil Bank for Investment & Finance | $23.1 million | $23.1 million | Names or details do not match | 23,100,000 الاختلاف مخول وحدة غل الاسوال عن مذكر صيرفة 6924 فى 014/5/6. |
| 29 October 2013 | Al-Bilad Islamic Bank for Investment & Finance | $23 million | $23 million | Missing or faulty documents | لعدم تقديم معلومات السويفت |
| undated | United Bank for Investment (UBI) | $22.9 million | $22.9 million | Bank's funds did not cover the request; Missing or faulty documents | ف لتغطبة طلب لعدم كفاية الرصيد |
| 18 June 2013 | North Bank for Finance & Investment | $22.8 million | $22.8 million | Held back for audit | لاغراض تدقيقية |
| 10 April 2014 | North Bank for Finance & Investment | $22.7 million | $22.7 million | Penalty on, or suspension of, the bank | الحوالة بموجب مذكرة الصيرفة المرقمة 1318/2/9 في 2014/04/02 وهموجب كتاب المصرف المر 2654 في 2014/4/8 النقد بداء على طلب المصرة 2600 في 2014/4/7 |
| 4 February 2014 | United Bank for Investment (UBI) | $22.5 million | $22.5 million | Held back for audit | لاغراض تدايقية |
| 19 June 2013 | North Bank for Finance & Investment | $22.1 million | $22.1 million | Held back for audit | الاغراض تدفيقية |
| 6 June 2013 | National Islamic Bank | $21.9 million | $40 million | Duplicate or reused invoice | لاستخدام الفاتورة لاكثر من طلب تحويل تسلسل ,5) |
| 8 June 2013 | Investment Bank of Iraq | $21.8 million | $21.8 million | Held back for audit | لاغراض تدقيقية |
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Download:refusals.csv.xlsx
Company names in the Central Bank's notes are shown as the bank wrote them. They are not accusations. If a bank appears on this page, it means only that the committee refused part of its request on that day.