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- Withdrawn at the bank's request$1.27 billion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.
1,243 rows
| Date | Bank | Refused | Of a request for | Reason | The committee's words |
|---|---|---|---|---|---|
| 6 June 2013 | North Bank for Finance & Investment | $56.8 million | $56.8 million | Held back for audit | لاغراض تدقيقية |
| 8 June 2013 | North Bank for Finance & Investment | $41.5 million | $41.5 million | Held back for audit | لاغراض تدقيقية |
| 8 June 2013 | Erbil Bank for Investment & Finance | $32.7 million | $32.7 million | Held back for audit | لاغراض تدقيقية |
| 6 June 2013 | Dijlah & Furat Bank for Development & Investment | $31.8 million | $31.8 million | Bank's funds did not cover the request; Missing or faulty documents; Held back for audit | لعدم كفاية رصيد المصرف 1-شركة الكرادة والفيحاء والسهيل وبلودان والسنان والافضل والسبر و الاباء !لاغراض تدقيقية )2-شركة السلسبيل والرونق!عدم وجود |
| 9 June 2013 | North Bank for Finance & Investment | $27.1 million | $27.1 million | Held back for audit | لاغراض تدقيقية |
| 5 September 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $25.6 million | $29.6 million | The same customer at more than one bank; Held back for audit | 1-استبعدت الحوالة لاغراض تدقيقية 2-استبعد من النقد لتكرار اسماء الزبائن في قوانم البيع مع مصرف الاعتماد اللبناني ,شركة هه مون ) |
| undated | Erbil Bank for Investment & Finance | $25.3 million | $25.3 million | Held back for audit | لاغراض تدقيقية |
| 23 June 2013 | North Bank for Finance & Investment | $24.3 million | $24.3 million | Held back for audit | لاغراض تدقيقية |
| 18 June 2013 | North Bank for Finance & Investment | $22.8 million | $22.8 million | Held back for audit | لاغراض تدقيقية |
| 4 February 2014 | United Bank for Investment (UBI) | $22.5 million | $22.5 million | Held back for audit | لاغراض تدايقية |
| 19 June 2013 | North Bank for Finance & Investment | $22.1 million | $22.1 million | Held back for audit | الاغراض تدفيقية |
| 8 June 2013 | Investment Bank of Iraq | $21.8 million | $21.8 million | Held back for audit | لاغراض تدقيقية |
| 2 February 2014 | International Development Bank (IDB) | $21.6 million | $21.6 million | Held back for audit | الاغراض تدليقية |
| 11 June 2013 | Investment Bank of Iraq | $21.6 million | $21.6 million | Held back for audit | لاغراض تدقيقية |
| 27 June 2013 | North Bank for Finance & Investment | $21.4 million | $21.4 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 |
| 20 June 2013 | North Bank for Finance & Investment | $21 million | $21 million | Held back for audit | لاغراض تدقيقية |
| 13 June 2013 | North Bank for Finance & Investment | $21 million | $21 million | Held back for audit | لاغراض تدقيقية |
| 24 June 2013 | North Bank for Finance & Investment | $21 million | $21 million | Held back for audit | لاغراض تدقيقية |
| 29 June 2013 | North Bank for Finance & Investment | $21 million | $21 million | Held back for audit | لاغراض تدقيقية |
| undated | United Bank for Investment (UBI) | $21 million | $21 million | Held back for audit | 21,000,000 الاغراض تدقيقية |
| 3 June 2013 | North Bank for Finance & Investment | $20.9 million | $20.9 million | Held back for audit | يستبعد لاغراض تدقيقية |
| undated | Al-Huda Bank | $20.7 million | $20.7 million | Held back for audit | 20,727,000 لاغراض تدقيقية |
| 3 September 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $20.3 million | $30.4 million | Held back for audit | لاغراض تدقيقية |
| 12 June 2013 | North Bank for Finance & Investment | $20.3 million | $20.3 million | Held back for audit | لاغراض تدقيقية |
| 1 July 2013 | North Bank for Finance & Investment | $20.3 million | $20.3 million | Held back for audit | لاغراض تدقيقية |
| 11 June 2013 | North Bank for Finance & Investment | $20.3 million | $20.3 million | Held back for audit | لاغراض تدقيقية |
| 22 June 2013 | North Bank for Finance & Investment | $20.3 million | $20.3 million | Held back for audit | لاغراض تدقيقية |
| 30 June 2013 | North Bank for Finance & Investment | $20.3 million | $20.3 million | Held back for audit | لاغراض 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 |
| 3 July 2013 | Erbil Bank for Investment & Finance | $20.2 million | $20.2 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 |
| 18 September 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $20.1 million | $20.1 million | Held back for audit | اغراض تدفيقيه |
| 4 June 2014 | United Bank for Investment (UBI) | $19.9 million | $19.9 million | Held back for audit | لاغراض تدقيقية |
| undated | Erbil Bank for Investment & Finance | $19.5 million | $19.5 million | Held back for audit | الا غراض تدقيقية |
| 26 June 2013 | North Bank for Finance & Investment | $19.5 million | $19.5 million | Held back for audit | لاغراض تدقيقية |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $19.1 million | $28.9 million | Held back for audit | 201444115 كتلب المصرف السرقم 50/548/13 ,ت5) لاغراض تدقيقية |
| 2 June 2013 | North Bank for Finance & Investment | $19 million | $19 million | Held back for audit | لاغراض تدقيقية |
| 29 December 2014 | Iraqi Islamic Bank for Investment & Development | $18.9 million | $18.9 million | Held back for audit | 18,900,000 الاغراض تدايقية |
| 25 June 2013 | North Bank for Finance & Investment | $18.8 million | $18.8 million | Held back for audit | لاغراض تدقيقية |
| 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 | Iraqi Middle East Investment Bank | $18.7 million | $18.7 million | Held back for audit | الاغراض تدقيقية |
| 9 February 2015 | Ashur International Bank for Investment | $18.7 million | $23.2 million | Held back for audit | استبعاد جزء من المحوالة لاغراض تدائيقية |
| 17 June 2013 | Investment Bank of Iraq | $18.5 million | $18.5 million | Held back for audit | لاغراض تدقيقية |
| 29 October 2014 | Al-Huda Bank | $18.5 million | $18.5 million | Held back for audit | لاغراض تدقيقية |
| 3 December 2014 | Trans Iraq Bank (Iraq Trans Bank) | $18.5 million | $18.5 million | Held back for audit | 18,488,000 الاغراض تدافيقية |
| undated | Ashur International Bank for Investment | $18.4 million | $18.4 million | Held back for audit; Timing or procedure | سبب الاستبعاد إيستبعد ,!يوجل في الوقت الحاضر) لاغراض تدقيقية |
| 7 September 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $18 million | $22 million | Held back for audit | اغراض تدقيقية |
| 24 September 2013 | International Development Bank (IDB) | $18 million | $29.6 million | The same customer at more than one bank; Held back for audit | 1-تكرار الاسماء في كشوفات الزبائن المقدمة للنقد 2-تسلسل 1و3و4و6و8و9و10و11 لاغراض تدقيقية |
| undated | $17.6 million | $28.8 million | Held back for audit | لحالى لاغراض تقياقية |
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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.