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- Withdrawn at the bank's request$1.27 billion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.
126 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 |
|---|---|---|---|---|---|
| 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 |
| undated | Al-Huda Bank | $20.7 million | $20.7 million | Held back for audit | 20,727,000 لاغراض تدقيقية |
| undated | Al-Huda Bank | $19.4 million | $19.4 million | Other reasons | الأموال 19,444,000 المرقمة 827/ في |
| 29 October 2014 | Al-Huda Bank | $18.5 million | $18.5 million | Held back for audit | لاغراض تدقيقية |
| 28 May 2013 | Al-Huda Bank | $18.4 million | $18.4 million | Old or invalid invoice | لتجزئة مبلغ الفاتورة |
| 9 February 2015 | Al-Huda Bank | $18.4 million | $22.8 million | Other reasons | 18,419,000 الاغراض بدقيقية |
| 29 May 2013 | Al-Huda Bank | $17.3 million | $31.2 million | The same customer at more than one bank | 1-لتقديمه طلبين حوالة احدهما يخالف موعد التقديم2-لتكرار الفاتورة لأكثر من طلب تحويل تسلسل ,!3) في كشف الحوالات |
| undated | Al-Huda Bank | $17 million | $31.9 million | Bank's funds did not cover the request; Missing or faulty documents | تم استبعاد احد طلبي الحوالة لعدم كفاية رصيد المصرف |
| 16 November 2013 | Al-Huda Bank | $16.6 million | $16.6 million | Penalty on, or suspension of, the bank | ورود كتاب الا التحوول بنفس التسلمل ,1230) |
| undated | Al-Huda Bank | $16.3 million | $16.3 million | Missing or faulty documents | العدم تقديم سوفتات |
| 11 September 2013 | Al-Huda Bank | $15.4 million | $15.4 million | Held back for audit | اغراض تدقيقية |
| 16 September 2013 | Al-Huda Bank | $15.2 million | $15.2 million | Held back for audit | غراض تدقيقية |
| undated | Al-Huda Bank | $15.2 million | $19.6 million | Other reasons | الستيعار (,ت2وت 3اوت 4وت 5) لاغراض |
| undated | Al-Huda Bank | $15.1 million | $21.7 million | Other reasons | تبعاد جزء لكل م عرلض تاة وت اوتحوت 6 |
| 12 September 2013 | Al-Huda Bank | $14.9 million | $14.9 million | Held back for audit | اغراض تدقيقية |
| 15 June 2013 | Al-Huda Bank | $14.9 million | $14.9 million | Other reasons | لتوقيع نفس الشخص كخبير ومراقب امتثال |
| 29 May 2014 | Al-Huda Bank | $14.9 million | $14.9 million | Other reasons | 14,887,000 لعم تلدهم مبالغ تقراتير بعشف المرئلة |
| 21 July 2013 | Al-Huda Bank | $14.8 million | $14.8 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف حيث ان الرصيد يبلغ ,2949110) مليار دينار عراقي |
| 17 September 2013 | Al-Huda Bank | $14.7 million | $14.7 million | Held back for audit | اغراض تدقيقية |
| 19 September 2013 | Al-Huda Bank | $14.2 million | $14.2 million | Held back for audit | تسلسل 1 و2 لاغراض تدقيقية |
| undated | Al-Huda Bank | $12.9 million | $12.9 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 26 September 2013 | Al-Huda Bank | $12.9 million | $12.9 million | Held back for audit | اغراض تدقيقية |
| 23 September 2013 | Al-Huda Bank | $12.9 million | $12.9 million | Missing or faulty documents | عدم تقديم معلومات السويفت |
| undated | Al-Huda Bank | $12.8 million | $12.8 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| undated | Al-Huda Bank | $12.7 million | $19.5 million | Held back for audit | استبعد جزئي للحوالة لاغراض تدقيقية |
| 18 September 2013 | Al-Huda Bank | $12.7 million | $12.7 million | Held back for audit | اغراض تدقيقية |
| undated | Al-Huda Bank | $12.6 million | $12.6 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب المرقم 1151 في 14/8/2013 |
| 22 September 2013 | Al-Huda Bank | $12.5 million | $16.5 million | Missing or faulty documents; Held back for audit | 1-اعراض تدفيقية 2-عدم تقديمه معلومات السويفت خلال المدة المقررة |
| undated | Al-Huda Bank | $12.5 million | $12.5 million | No reason given, or unreadable | |
| 21 September 2013 | Al-Huda Bank | $12.3 million | $12.3 million | Held back for audit | غراض تدقيقية |
| 11 February 2015 | Al-Huda Bank | $12 million | $22.5 million | Held back for audit | 11,965,000 الا غراض تدقيقيّة |
| undated | Al-Huda Bank | $12 million | $22.5 million | Held back for audit | 11,965,000 الا غراض تدقيقيّة |
| 4 February 2014 | Al-Huda Bank | $11.4 million | $16 million | Held back for audit; Timing or procedure | ,ت2وت3وت4! يؤجل فى الوقت الحاضر ,لاعراض تدايقية) |
| undated | Al-Huda Bank | $11.3 million | $15.5 million | Held back for audit | ,!ت 1وت3وت4)لاغراض تدقيقية |
| 7 January 2014 | Al-Huda Bank | $11.3 million | $17.5 million | No reason given, or unreadable | |
| undated | Al-Huda Bank | $11.1 million | $18.6 million | Other reasons | استبعاد جزء من لكل تذتهتية ت 2وت 3اوت 4وت 5) لاغراض |
| 12 December 2013 | Al-Huda Bank | $10.9 million | $16.2 million | Held back for audit | سلمل 1 و 2 لا غراض تداهئية |
| undated | Al-Huda Bank | $10.8 million | $17.4 million | No reason given, or unreadable | |
| undated | Al-Huda Bank | $10.7 million | $17.6 million | Held back for audit | اتسلمل 1 و ل3ا تزجل الي الوقت الماضر لاغراض تدقيالية |
| undated | Al-Huda Bank | $10.7 million | $16.9 million | Held back for audit | ت3 لا غراض تدقيقية و,ت 1) يؤجل افي الوفت الحاضر |
| 8 December 2013 | Al-Huda Bank | $10.1 million | $15.2 million | Held back for audit | صصل 1 و2 لاغراض تنقهاية |
| undated | Al-Huda Bank | $9.8 million | $15 million | Problem with the import licence; Missing or faulty documents; Held back for audit; Timing or procedure | 2 لعدم وضوح الفسفورة عل اجازة الاستم 3 يؤجل في الوقت الحاضر لاغراض تدق |
| 13 February 2013 | Al-Huda Bank | $9.8 million | $10.7 million | Customer in breach of anti-money-laundering rules | وجودزبون مخالف لتعليمات غسيل الاموال |
| 15 December 2013 | Al-Huda Bank | $9.7 million | $15.6 million | No reason given, or unreadable | |
| 11 March 2013 | Al-Huda Bank | $9.7 million | $9.7 million | Held back for audit | لغرض تدقيق رقم وتاريخ الفاتورة |
| 16 December 2013 | Al-Huda Bank | $9.4 million | $18.7 million | Other reasons | تعنسل 1 و 4 لا لراض منفياية |
| 29 January 2014 | Al-Huda Bank | $9.2 million | $16.5 million | Other reasons | ,ت 1وت3)لاخراض تدقرقية |
| 22 April 2013 | Al-Huda Bank | $9.2 million | $9.2 million | Other reasons | 2- يجب ان يكون مضمون الاقرار محدد كما في التعليمات |
| 4 December 2013 | Al-Huda Bank | $9.1 million | $17.9 million | Other reasons | نسشل 1 و3 لا غحراض لعقياية |
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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.