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- Withdrawn at the bank's request$1.27 billion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.
116 rows
| Date | Bank | Refused | Of a request for | Reason | The committee's words |
|---|---|---|---|---|---|
| 3 February 2014 | United Bank for Investment (UBI) | $23.6 million | $23.6 million | Other reasons | لاعراض تدافيقية |
| 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 |
| 4 February 2014 | United Bank for Investment (UBI) | $22.5 million | $22.5 million | Held back for audit | لاغراض تدايقية |
| undated | United Bank for Investment (UBI) | $21 million | $21 million | Held back for audit | 21,000,000 الاغراض تدقيقية |
| 15 May 2014 | United Bank for Investment (UBI) | $20.2 million | $20.2 million | Held back for audit | 20,245,000 لا غراض تدقيقية |
| 4 June 2014 | United Bank for Investment (UBI) | $19.9 million | $19.9 million | Held back for audit | لاغراض تدقيقية |
| 2 February 2014 | United Bank for Investment (UBI) | $19.7 million | $19.7 million | No reason given, or unreadable | |
| 16 November 2013 | United Bank for Investment (UBI) | $19.5 million | $19.5 million | No reason given, or unreadable | |
| undated | United Bank for Investment (UBI) | $19.5 million | $19.5 million | No reason given, or unreadable | |
| undated | United Bank for Investment (UBI) | $19 million | $19 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية الرصيد لتغطية طلب البنك |
| undated | United Bank for Investment (UBI) | $18.9 million | $18.9 million | Bank's funds did not cover the request | 18,850,000 البنك كفاية الرصيد للمصرف لتلبية طلب |
| undated | United Bank for Investment (UBI) | $18.6 million | $18.6 million | Other reasons | تل 2 لانتيا الالية اة ل القم 4198/951 في 2013/11/10 |
| 28 May 2013 | United Bank for Investment (UBI) | $18 million | $18 million | Missing or faulty documents | لعدم الالتزام بموعد تقديم الطلب |
| undated | United Bank for Investment (UBI) | $18 million | $18 million | Other reasons | 3877 في 20111/20تل يخوي |
| 29 May 2013 | United Bank for Investment (UBI) | $17.9 million | $17.9 million | Withdrawn at the bank's request | حسب طلب المصرف |
| 25 September 2013 | United Bank for Investment (UBI) | $17.7 million | $17.7 million | Missing or faulty documents; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-بناء على طلب المصرف بكتابهم المرقم 3690/951 في 2013/9/24 2-عدم تقديم معلومات السويفت |
| 23 September 2013 | United Bank for Investment (UBI) | $17.1 million | $17.1 million | Held back for audit; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-استبعد 6250 بناء على طلب المصرف بكتابهم المرقم 3667 في 2013/9/22 2-استبعد مبلغ الحوالة المتبقي لاغراض تدقيقي |
| undated | United Bank for Investment (UBI) | $15.6 million | $15.6 million | Held back for audit | 15,550,000 لاعراض تدقيقية |
| 28 January 2013 | United Bank for Investment (UBI) | $14.8 million | $19.4 million | Customer in breach of anti-money-laundering rules | عدم التزام الزبون بتعيمات غسيل الاموال |
| undated | United Bank for Investment (UBI) | $14.7 million | $14.7 million | No reason given, or unreadable | |
| 26 September 2013 | United Bank for Investment (UBI) | $14.3 million | $14.3 million | Held back for audit | برة الفرع على كشف الحوالات والكتب المرفعه -تسلسل ,1 و 2) في كشف الحوالات لا غراض تدقيا |
| 20 January 2013 | United Bank for Investment (UBI) | $13.7 million | $13.7 million | Missing or faulty documents | النقد لعدم ختم الكشف التحليلي والحوالة كون الزبون غير ملتزم بتعليمات المزاد |
| undated | United Bank for Investment (UBI) | $13.6 million | $18.7 million | The same customer at more than one bank | ن النقد لتكرار الاسب العدة السم |
| 15 December 2013 | United Bank for Investment (UBI) | $13.1 million | $13.4 million | No reason given, or unreadable | |
| 9 November 2014 | United Bank for Investment (UBI) | $12.8 million | $12.8 million | Bank's funds did not cover the request | 12,820,000 المعدم كفاية رصيد قيد RTGS |
| 3 October 2013 | United Bank for Investment (UBI) | $11.4 million | $11.4 million | Held back for audit | اغراض تدقيقية |
| 17 November 2013 | United Bank for Investment (UBI) | $11.3 million | $29.8 million | No reason given, or unreadable | |
| 3 March 2013 | United Bank for Investment (UBI) | $10.6 million | $14.6 million | Old or invalid invoice | تاريخ الفاتورة قديم |
| 24 September 2013 | United Bank for Investment (UBI) | $10.4 million | $17.1 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 3676في 2013/9/23 |
| 28 August 2013 | United Bank for Investment (UBI) | $10.3 million | $10.3 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 3361/951 بتاريخ 28-8-2013 |
| 19 November 2013 | United Bank for Investment (UBI) | $10.2 million | $10.2 million | No reason given, or unreadable | |
| 27 August 2013 | United Bank for Investment (UBI) | $10.1 million | $10.1 million | Penalty on, or suspension of, the bank | مذكرة للسيد المحافظ باحالة الزبون والمصرف الى لجنة فرض العقوبات |
| 11 September 2013 | United Bank for Investment (UBI) | $10.1 million | $10.1 million | Held back for audit | اغراض تدقيقية |
| 13 June 2013 | United Bank for Investment (UBI) | $10 million | $10 million | Withdrawn at the bank's request | حسب طلب المصرف |
| 17 June 2013 | United Bank for Investment (UBI) | $10 million | $10 million | Withdrawn at the bank's request | حسب طلب المصرف |
| 18 June 2013 | United Bank for Investment (UBI) | $10 million | $10 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 21 July 2013 | United Bank for Investment (UBI) | $10 million | $15.8 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 2967/951 في 21/7/2013 |
| undated | United Bank for Investment (UBI) | $10 million | $10 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف الذي يبلغ ,7621262) مليار دينار عراقي |
| 12 March 2013 | United Bank for Investment (UBI) | $9.9 million | $9.9 million | Other reasons | الاقرار |
| 19 September 2013 | United Bank for Investment (UBI) | $9.9 million | $16.1 million | Held back for audit | الزبون همام عبد الرزاق فرحان ,اغراض تدقيقية ) |
| undated | United Bank for Investment (UBI) | $9.9 million | $9.9 million | No reason given, or unreadable | |
| 19 November 2014 | United Bank for Investment (UBI) | $9.9 million | $9.9 million | Held back for audit | 9,950,000 الاغراض تدايقية |
| 12 September 2013 | United Bank for Investment (UBI) | $9.9 million | $9.9 million | Held back for audit | اغراض تدقيقية |
| undated | United Bank for Investment (UBI) | $9.8 million | $18 million | No reason given, or unreadable | |
| 1 April 2013 | United Bank for Investment (UBI) | $9.8 million | $9.8 million | Company's activity does not match the goods; Names or details do not match | اختلاف نشاط الزبون التجاري |
| 28 March 2013 | United Bank for Investment (UBI) | $9.8 million | $9.8 million | Company's activity does not match the goods | ختلاف نشاط الزبون |
| undated | United Bank for Investment (UBI) | $9.7 million | $9.7 million | Other reasons | 3677/515 في 201301 1/25 الامتل المرع لسمه فى مذر ة الصيرفة المراهة |
| undated | United Bank for Investment (UBI) | $9.7 million | $9.7 million | No reason given, or unreadable | |
| undated | United Bank for Investment (UBI) | $9.5 million | $15.5 million | Held back for audit | استبعاد جزء من الحوالة لا دراض تدقيقية |
| 10 November 2013 | United Bank for Investment (UBI) | $9.4 million | $26.3 million | No reason given, or unreadable |
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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.