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- Withdrawn at the bank's request$1.27 billion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.
260 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 |
|---|---|---|---|---|---|
| 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 | Investment Bank of Iraq | $21.8 million | $21.8 million | Held back for audit | لاغراض تدقيقية |
| 11 June 2013 | Investment Bank of Iraq | $21.6 million | $21.6 million | Held back for audit | لاغراض تدقيقية |
| 9 June 2013 | Investment Bank of Iraq | $21.1 million | $21.1 million | Held back for audit | لاغراض تدقيقية |
| 15 September 2014 | Investment Bank of Iraq | $20.1 million | $32.8 million | Held back for audit | 20,117,000 لاغراض تتقيقية |
| undated | Investment Bank of Iraq | $19.4 million | $19.4 million | Other reasons | استه الة لم المصرف لكتم الصرف 2943 فى 2093/11/12 |
| 17 June 2013 | Investment Bank of Iraq | $18.5 million | $18.5 million | Held back for audit | لاغراض تدقيقية |
| undated | Investment Bank of Iraq | $17.3 million | $26.9 million | Held back for audit | متبعاد جزء من الحوالة لا غراض تدقيقر من النقد لاعراض تدقيقي |
| 12 June 2013 | Investment Bank of Iraq | $16 million | $16 million | Held back for audit | لاغراض تدقيقية |
| 24 June 2013 | Investment Bank of Iraq | $15.9 million | $15.9 million | Held back for audit | لاغراض تدقيقية |
| 13 June 2013 | Investment Bank of Iraq | $15.9 million | $15.9 million | Held back for audit | لاغراض تدقيقية |
| 25 December 2014 | Investment Bank of Iraq | $15.4 million | $20.8 million | The same customer at more than one bank; Held back for audit | وستعمة ملسلغ 22001 ميامد كلى شركة المتاء تكرار اسماء وشركة الجزائر والبرق لاغراض تحقيقية |
| undated | Investment Bank of Iraq | $15.2 million | $22.4 million | No reason given, or unreadable | |
| undated | Investment Bank of Iraq | $12.8 million | $21.4 million | Held back for audit | تضالقد استهعاد كلى وجزئي لحدد من الشر: ن الحوالة لاغراض تدقية |
| 29 January 2013 | Investment Bank of Iraq | $12.3 million | $12.3 million | The same customer at more than one bank | لتكرار التحويل !, اقمشه , موبايلات ) |
| undated | Investment Bank of Iraq | $12 million | $12 million | Other reasons | عجم تخديم مطومات المويات |
| 11 March 2013 | Investment Bank of Iraq | $12 million | $16.8 million | Customer in breach of anti-money-laundering rules; Problem with the import licence | 1- وجود زبون مخالف لتعليمات غسيل الاموال 2-تاريخ الاجازة قديم |
| 16 January 2013 | Investment Bank of Iraq | $11.6 million | $11.6 million | Other reasons | كون صيغة الاقرار غير صحيحة |
| 17 January 2013 | Investment Bank of Iraq | $11.4 million | $11.4 million | Other reasons | لكون صيغة الاقرار غير صحيحة |
| 22 October 2014 | Investment Bank of Iraq | $11.1 million | $24.5 million | Other reasons | ر !5) اسماء شركات الصيرفة الميئاق و حاد والسديد وال |
| 17 September 2013 | Investment Bank of Iraq | $11 million | $11.1 million | Old or invalid invoice; Problem with the import licence; Held back for audit; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-ايكلاس للتجارة العامة ,اغراض تدقيقية ) 2- الزبون امين احمد خالد (تجاوز مبلغ الاجازة ) 3-شركة مزايا البصرة حسب طلب المصرف بكتابه المرقم 2576 في 2013/9/16 |
| 18 June 2013 | Investment Bank of Iraq | $11 million | $11 million | Held back for audit | لاغراض تدقيقية |
| 21 August 2014 | Investment Bank of Iraq | $10.4 million | $13.1 million | The same customer at more than one bank | الحوالة استبعاد لمخالفته تعليمات البنك 288 في من النقد لتكرار ,1)اسم من شركة الرفاعي |
| 27 February 2013 | Investment Bank of Iraq | $10.2 million | $10.2 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 14 April 2013 | Investment Bank of Iraq | $10 million | $10 million | Bank's funds did not cover the request | عدم كفاية الرصيد |
| 22 October 2013 | Investment Bank of Iraq | $9.8 million | $9.8 million | Bank below the capital requirement; Missing or faulty documents; Penalty on, or suspension of, the bank | لعدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 في 2013/10/22 |
| undated | Investment Bank of Iraq | $9.2 million | $19.9 million | Missing or faulty documents; Held back for audit | قد لعدم وجود فلاش خاص بالمصر الحوالة,!ت4وت5)لاغراض تدقر |
| undated | Investment Bank of Iraq | $9.1 million | $18.2 million | No reason given, or unreadable | |
| 18 September 2013 | Investment Bank of Iraq | $9 million | $9 million | Old or invalid invoice; Problem with the import licence | 2- تسلسل 2 و 3 , تجاوز مبلغ الاجازة الحى المسموح ب4) 2-تسلسل 2 و 3 ( تجاوز مبلغ الاجازة الحد |
| 28 February 2013 | Investment Bank of Iraq | $9 million | $9 million | Problem with the import licence; Missing or faulty documents; Held back for audit | عدم وجود اجازة الاستيراد 2- لاغراض تدقيقية |
| 4 February 2013 | Investment Bank of Iraq | $8.9 million | $14.4 million | Missing or faulty documents | غير مطابق ليوم الشراء 2- و انتهاء فترة الفاتورة 3-نقص توقيع المخول الثاني |
| 3 March 2014 | Investment Bank of Iraq | $8.8 million | $15.2 million | Held back for audit | وت6) لا غراض تدقيفية |
| 14 February 2013 | Investment Bank of Iraq | $8.7 million | $11.6 million | Customer in breach of anti-money-laundering rules | لوجود زبون مخالف لتعليمات غسيل الاموال |
| 25 January 2015 | Investment Bank of Iraq | $8.7 million | $15.6 million | The bank's whole request excluded; Held back for audit | ، النقد استبعاد كلي وجزئي لعدد من الشر رار اسمام ولاغراض تتقيقية وتكرار بطاقات ال من الحوالة استبعاد ,!ت 1وت2) لاغراض تدافيقية |
| 23 June 2013 | Investment Bank of Iraq | $8.7 million | $8.7 million | Held back for audit | لاغراض تدقيقية |
| 16 September 2013 | Investment Bank of Iraq | $8.4 million | $17 million | Old or invalid invoice; Problem with the import licence | تجاوز مبلغ الاجازة عن الحد المسموح به |
| 7 March 2013 | Investment Bank of Iraq | $8.4 million | $10.2 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| undated | Investment Bank of Iraq | $8.4 million | $26.8 million | Other reasons | تمنصل 9 لان مباع الفاتورة لقل من المينا |
| 7 January 2014 | Investment Bank of Iraq | $8.4 million | $15.5 million | Other reasons | ت (2و3)تزجل في الوقت الماضر لوجود مشترينات من مستوردون الحران لنفس، المادة |
| 19 June 2013 | Investment Bank of Iraq | $8.3 million | $8.3 million | Held back for audit | لاغراض تدقيقية |
| 4 March 2013 | Investment Bank of Iraq | $8.3 million | $14.4 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 15 December 2013 | Investment Bank of Iraq | $8.1 million | $15.9 million | No reason given, or unreadable | |
| 12 September 2013 | Investment Bank of Iraq | $7.9 million | $7.9 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناءً على طلب المصرف بكتابهم المرقم 2557 في 2013/9/11 |
| undated | Investment Bank of Iraq | $7.9 million | $14.7 million | No reason given, or unreadable | |
| 14 March 2013 | Investment Bank of Iraq | $7.8 million | $7.8 million | Company's activity does not match the goods; Names or details do not match | اختلاف نشاط المحول عن المادة المستوردة |
| 25 March 2013 | Investment Bank of Iraq | $7.8 million | $12.4 million | Held back for audit | 1-لاغراض تدقيقية تتعلق بالزبون,!25)شركة المسرة ,!25) شركة مسلم |
| 23 October 2013 | Investment Bank of Iraq | $7.7 million | $7.7 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقمة 3333/3/9 فى 2013/10/22 |
| 20 March 2013 | Investment Bank of Iraq | $7.5 million | $7.5 million | Bank's funds did not cover the request | الرصيد لايكفي |
| 6 March 2013 | Investment Bank of Iraq | $7.4 million | $8.5 million | Customer in breach of anti-money-laundering rules | وجود زبون مخالف لتعليمات غسيل الاموال |
| 11 September 2013 | Investment Bank of Iraq | $7.4 million | $10.3 million | Held back for audit | اغراض تدقيقية |
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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.