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- Withdrawn at the bank's request$1.27 billion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.
14 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 |
|---|---|---|---|---|---|
| undated | Rafidain Bank | $10 million | $10 million | Missing or faulty documents | لعدم جلب طلب استبارة الشراء مع القوانم |
| 9 June 2013 | Rafidain Bank | $8 million | $8 million | Held back for audit | لاغراض تدقيقية |
| 10 July 2013 | Rafidain Bank | $8 million | $8 million | Missing or faulty documents; Held back for audit | دم قيام المصرف بتدقيق زبائن الفروع وعدم وجود اسماء النخولين بالتوفيع عل بانن الفروع بالاضافة الى ان القوائم المقدمة غير واضح |
| 2 September 2013 | Rafidain Bank | $8 million | $8 million | Missing or faulty documents | لعدم ارفاق اسم الام في الكشوفات المقدمة |
| undated | Rafidain Bank | $5.5 million | $16.8 million | Held back for audit; Timing or procedure | ت3 يؤجل في الوقت الحاضر لاغراض تدقيقية |
| undated | Rafidain Bank | $1.2 million | $1.2 million | No reason given, or unreadable | |
| undated | Rafidain Bank | $1.2 million | $1.2 million | Other reasons | الأجر ا مالباغ مع الحراض تداوقية وسيكتب الى الممبرف |
| 11 March 2013 | Rafidain Bank | $0.8 million | $0.8 million | Missing or faulty documents | لعدم مطابق القوائم مع مبلغ استمارة الشراء |
| 5 March 2014 | Rafidain Bank | $0.8 million | $4.8 million | The same customer at more than one bank | متبعاد لشركة (ارض الفرات والمه لتكرار !,2)اسم من الفنجا |
| 4 September 2013 | Rafidain Bank | $0.6 million | $8 million | Missing or faulty documents | نقص في التوثيق |
| 6 March 2014 | Rafidain Bank | $0.3 million | $1.5 million | No reason given, or unreadable | |
| undated | Rafidain Bank | $0.1 million | $5.1 million | The same customer at more than one bank | لتكرار ,2)اسم من شركة النصر و,2)من المعاصر و!1)من الشفق و!1)الايداع إو ,2) من البان و ,4) من التوافق و,1) من موته |
| undated | Rafidain Bank | $0 million | $4.3 million | No reason given, or unreadable | |
| 16 March 2014 | Rafidain Bank | $0 million | $5.3 million | The same customer at more than one bank | لتكرار اسم واحد مع مصرف عبر العراق |
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.