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 read from the scanned minutes.
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- Withdrawn at the bank's request$1.27 billion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 read from the scanned minutes
Largest first. Company names are given as read from the scanned minutes. They are not accusations.
159 rows
The reasons were read from scanned pages of the Central Bank's minutes, the reading may contain errors, and the scanned page is the authority.
| Date | Bank | Refused | Of a request for | Reason | As read from the scanned minutes |
|---|---|---|---|---|---|
| 30 June 2013 | Cihan Bank for Islamic Investment & Finance | $19 million | $19 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 28 September 2013 | Cihan Bank for Islamic Investment & Finance | $18.7 million | $22.7 million | Held back for audit | 2- الحوالة لاغراض تدقيق مع مصارف اخرى 2- الحوالة لاغراض |
| undated | Cihan Bank for Islamic Investment & Finance | $16.8 million | $16.8 million | Other reasons | 2013/11/17 مرطي |
| 3 August 2013 | Cihan Bank for Islamic Investment & Finance | $16 million | $20 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1592 في 31/7/2013 |
| 1 August 2013 | Cihan Bank for Islamic Investment & Finance | $15.1 million | $19.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1592 في 31/7/2013 |
| undated | Cihan Bank for Islamic Investment & Finance | $15.1 million | $19.4 million | No reason given, or unreadable | |
| 26 August 2013 | Cihan Bank for Islamic Investment & Finance | $14.8 million | $14.8 million | Problem with the import licence; Names or details do not match; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-تجاوز المبلغ المراد تحويله مبلغ الاجازة المقدمة تسلسل!1و2و3و4) في كشف الحوالات 2-لاختلاف اجازة الاستيراد المقدمة عن كشف الحوالات تسلسل!5) في كشف الحوالات 3-يستبعد تسلسل ,!7,6) في كشف الحوالات حسب طلب المصرف بكتابه المرقم 1755 في 2013/8/26 |
| 7 August 2013 | Cihan Bank for Islamic Investment & Finance | $14.7 million | $14.7 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب المرقم 1517/3/44 في 7/8/2013 |
| 3 June 2013 | Cihan Bank for Islamic Investment & Finance | $14.6 million | $14.6 million | Held back for audit | يستبعد لاغراض تدقيقية |
| 1 July 2013 | Cihan Bank for Islamic Investment & Finance | $14.6 million | $14.6 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 5 October 2013 | Cihan Bank for Islamic Investment & Finance | $14.2 million | $18.2 million | Missing or faulty documents; Held back for audit | 1-الحوالة لاغراض تدقيقية 2-تستبعد شركة الغزال من النقد لعدم اكمال اوراق المدير المفوض بالتوقيع من لصيرفة والانتمان |
| 2 July 2013 | Cihan Bank for Islamic Investment & Finance | $14.2 million | $14.2 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 6 October 2013 | Cihan Bank for Islamic Investment & Finance | $13.4 million | $13.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 2135/3/44 في 2013/10/6 |
| 24 June 2013 | Cihan Bank for Islamic Investment & Finance | $12.8 million | $12.8 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| undated | Cihan Bank for Islamic Investment & Finance | $12.6 million | $16.6 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 1798 في 29-8-2013 |
| undated | Cihan Bank for Islamic Investment & Finance | $12.3 million | $16.3 million | Other reasons | 201400 10 ذعيت بثل فترء 1 من 40ة ر04ا من تيت لممرقعة 72 في 2013/03/24 |
| 21 February 2013 | Cihan Bank for Islamic Investment & Finance | $12.3 million | $12.3 million | Company's activity does not match the goods | كون الشركة المستفيدة لديها اكثر من نشاط ومن عدة مصارف |
| 10 November 2013 | Cihan Bank for Islamic Investment & Finance | $12.1 million | $12.1 million | Other reasons | 2355/314 في 2013/11/10 عدم لختم لتاب الاقرار : |
| 1 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.9 million | $11.9 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 2104/3/44 في 2013/10/1 |
| 4 August 2013 | Cihan Bank for Islamic Investment & Finance | $11.8 million | $11.8 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1592 في 31/7/2013 |
| 24 February 2013 | Cihan Bank for Islamic Investment & Finance | $11.8 million | $11.8 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 23 September 2013 | Cihan Bank for Islamic Investment & Finance | $11.7 million | $18.7 million | Held back for audit | تسلسل 2 و3 و5 في كشف الحوالات لاغراض تدقيقية |
| undated | Cihan Bank for Islamic Investment & Finance | $11.6 million | $20.3 million | No reason given, or unreadable | |
| undated | Cihan Bank for Islamic Investment & Finance | $11.5 million | $11.5 million | Held back for audit | اغراض تدقيقية |
| 2 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.5 million | $11.5 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 2109/3/44 في 2013/10/1 |
| 24 September 2013 | Cihan Bank for Islamic Investment & Finance | $11.4 million | $16.2 million | Held back for audit | تسلسل 1 و2و 4 في كشف الحوالات لاغراض تدقيقية |
| 3 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.3 million | $15.3 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 2114/3/44 في 2013/10/3 |
| 7 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.3 million | $11.3 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 2135/3/44 في 2013/10/6 |
| 17 September 2013 | Cihan Bank for Islamic Investment & Finance | $11.2 million | $20.7 million | Held back for audit | غراض تدقيقية |
| undated | Cihan Bank for Islamic Investment & Finance | $11 million | $19.6 million | No reason given, or unreadable | |
| 16 November 2013 | Cihan Bank for Islamic Investment & Finance | $10.5 million | $19.8 million | No reason given, or unreadable | |
| 25 September 2013 | Cihan Bank for Islamic Investment & Finance | $10.3 million | $17.8 million | Held back for audit | تسلسل 2 و4 و5 في كشف الحوالة لاغراض تدقيقية |
| 21 September 2013 | Cihan Bank for Islamic Investment & Finance | $10.3 million | $24.6 million | The same customer at more than one bank; Held back for audit | - النقد لتكرار الاسماء مع مصرف ايلاف 2-استبعد من الحوالة تسلسل ,2و3و5) في كشف الحوالات لاغراض تدقيقي |
| 15 September 2013 | Cihan Bank for Islamic Investment & Finance | $10.1 million | $19.2 million | Held back for audit | اغراض تدقيقية |
| 6 November 2013 | Cihan Bank for Islamic Investment & Finance | $9.9 million | $14.9 million | No reason given, or unreadable | |
| 19 September 2013 | Cihan Bank for Islamic Investment & Finance | $9.8 million | $22.8 million | Names or details do not match; Held back for audit | 1-استبعد من النقد شركة الغزال ,!اختلاف اسم المدير المفوض ) 2- استبعد من الحوالة تسلسل 1و2و3و4 في كشف الحوالات لاغراض تدقيقية |
| undated | Cihan Bank for Islamic Investment & Finance | $9.7 million | $13.9 million | Problem with the import licence; Licence issued in the Kurdistan Region; Ministry of Trade letter | إوذلك انه اعمتنا وزارة التجارة ان اجازات الاستيراد الصادرة من اقليم كردستان غير معتمدة ماعدا الأجازات الصادرة من الشركة العامة للمعارض والخدمات التجارية العراقية |
| 26 October 2013 | Cihan Bank for Islamic Investment & Finance | $9.6 million | $17.8 million | The same customer at more than one bank; Old or invalid invoice; Problem with the import licence; Held back for audit | سلسل 2 لاغراض تدقيقيا تسلسل 3 لتجاوز مبلغ اجازة الاستيراد من النقد استبعد للاسباب : لتكرار اسم زبون مع مصرف ايلاف نشابه ارقام الجوازات للزبائن بين قوانم المصرف و فروع النجف وزاخو |
| undated | Cihan Bank for Islamic Investment & Finance | $9.5 million | $15.1 million | Held back for audit; Timing or procedure | #!ت2)!يؤجل في الوقت الحاضر) لاغراض تدقيقية |
| 25 February 2013 | Cihan Bank for Islamic Investment & Finance | $9.4 million | $9.4 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 29 December 2014 | Cihan Bank for Islamic Investment & Finance | $9.2 million | $9.2 million | Held back for audit; Penalty on, or suspension of, the bank | الحواقة : لاغراض تدايقية االنقد : بناء على المذكرة المرقعة 7244/12 *بتاريخ 2014/12/28 |
| 4 November 2013 | Cihan Bank for Islamic Investment & Finance | $8.9 million | $13.6 million | Old or invalid invoice; Problem with the import licence; Names or details do not match | تسلسل 1 في كشف الحوالة لتجاوز مبلغ الاجازة تسلسل 3 لاختلاف اسم الزبون بين الاجازة والكشف |
| undated | Cihan Bank for Islamic Investment & Finance | $8.6 million | $16.5 million | Held back for audit | من الحوالة ,ت1وت2) لاغراض تدقئيقية |
| undated | Cihan Bank for Islamic Investment & Finance | $8.4 million | $19.1 million | No reason given, or unreadable | |
| 27 October 2013 | Cihan Bank for Islamic Investment & Finance | $8.4 million | $11.9 million | Old or invalid invoice; Problem with the import licence | تسلسل 1 و2 في كشف الحوالة لتجاوز مبلغ الاجازة |
| 25 November 2013 | Cihan Bank for Islamic Investment & Finance | $8.3 million | $13.3 million | Other reasons | تسلسل 2 الجتاف ملع الزعون فى الكنف عن الاجترء |
| 4 April 2013 | Cihan Bank for Islamic Investment & Finance | $7.8 million | $11.8 million | Company's activity does not match the goods; Names or details do not match | اختلاف النشاط التجاري للجهة المستفيدة |
| undated | Cihan Bank for Islamic Investment & Finance | $7.7 million | $10.7 million | Held back for audit | ,!ت 1وت3) لاغراض تدقيقية |
| undated | Cihan Bank for Islamic Investment & Finance | $7.4 million | $15.3 million | Problem with the import licence | تملسل 2 لاهترك سم الزبون مين الكشف والاجازرة |
| 27 August 2013 | Cihan Bank for Islamic Investment & Finance | $7.4 million | $15.8 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | سلسل !,!1و2و3و4 ) في كشف الحوالات حسب طلب المصرف بكتابه المرقم 763 ي 2013/8/27 |
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Download:refusals.csv.xlsx
Company names in the Central Bank's notes are shown as read from the scanned minutes. 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.