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- Withdrawn at the bank's request$1.27 billion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.
412 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 2014 | Ashur International Bank for Investment | $36.4 million | $36.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | سبب الاستبعاد عسب طلب المصرف بكتابه المرقم م ا/اد 1440 في 2014/6/3 |
| 22 January 2014 | Al-Bilad Islamic Bank for Investment & Finance | $29.1 million | $29.1 million | Missing or faulty documents; Penalty on, or suspension of, the bank | لعدم كتابة اسم المدير المفوض على استمارة الشراه |
| 17 May 2014 | Erbil Bank for Investment & Finance | $28.6 million | $28.6 million | Names or details do not match; Penalty on, or suspension of, the bank | الحوالة والنقد لاختلاف اسم المخول لوحدة غسل 28,550,000 الاموال وحسب مذكرة الصيرفة المرقمة 6924/7/9 في 2014/5/6 |
| undated | Kurdistan International Islamic Bank for Investment & Development | $25.3 million | $28.5 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 984/ادارة/226 في 20/7/2013 |
| 18 May 2014 | Erbil Bank for Investment & Finance | $24 million | $24 million | Names or details do not match; Penalty on, or suspension of, the bank | استبعاد لاختلاف اسم مسؤول وحدة غضل الاموال حسب مذكرة الصيرفة المرقمة 6924 في 2014/5/6 |
| 10 April 2014 | North Bank for Finance & Investment | $22.7 million | $22.7 million | Penalty on, or suspension of, the bank | الحوالة بموجب مذكرة الصيرفة المرقمة 1318/2/9 في 2014/04/02 وهموجب كتاب المصرف المر 2654 في 2014/4/8 النقد بداء على طلب المصرة 2600 في 2014/4/7 |
| undated | Iraqi Middle East Investment Bank | $19.7 million | $19.7 million | Penalty on, or suspension of, the bank | حسب مذكرة الصيرفة المرقمة 1570 في |
| 17 May 2014 | International Development Bank (IDB) | $19.4 million | $19.4 million | Names or details do not match; Penalty on, or suspension of, the bank | النقد والحوالة استبعاد لاختلاف اسم لامذكرة الصيرفة المرقمة 19,392,000 المدير المفو إ1985 في 2014/5/17 |
| 12 June 2013 | Dijlah & Furat Bank for Development & Investment | $18.9 million | $18.9 million | Missing or faulty documents; Penalty on, or suspension of, the bank | لعدم قيام المصرف بكتابة اسم الجهة المستفيدة بشكل صريح وتثبيت اختصاص الشركات |
| undated | National Islamic Bank | $18 million | $18 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-حسب طلب المصرف ذو الكتاب المرقم 2764 في 7/8/2013 2-حسب كتاب مديرية الصيرفة المرقم 9/2/9855 في 7/8/2013 |
| 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 |
| undated | National Islamic Bank | $17.5 million | $17.5 million | Penalty on, or suspension of, the bank | استنادا الى كتاب مديرية الصيرفة المرقم 9855 في 7/8/2013 |
| 23 October 2013 | Sumer Commercial Bank | $17.3 million | $17.3 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 في 2013/10/22 |
| 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 |
| 23 September 2013 | Sumer Commercial Bank | $16.7 million | $16.7 million | Missing or faulty documents; Penalty on, or suspension of, the bank | لعدم توقيع المدير المفوض على طلب الشراء والكتاب المقدم من قبل المصرف لا يفي بالغرض |
| 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) |
| 22 October 2013 | Economy Bank for Investment & Finance | $16.6 million | $16.6 million | Bank below the capital requirement; Penalty on, or suspension of, the bank | عدم زيادة رأس المال حسب مذكرة المديرية العامة لمراقبة الصيرفة والانتمان المرقما |
| 25 November 2014 | Erbil Bank for Investment & Finance | $16.5 million | $16.5 million | Penalty on, or suspension of, the bank | 16,500,000 استبعاد كامل حسب مذكرة الصيرفة |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $16.4 million | $21.6 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-تسلسل 4 في كشف الحوالة حسب طلب المصرف بكتابهم المرقم 2890/395/13 في 2013/10/3 2-تسلسل 1 و2 في كشف الحوالة حسب طلب المصرف بكتابهم المرقم 2892/397/13 في 2013/19/3 |
| undated | Sumer Commercial Bank | $16.2 million | $16.2 million | Missing or faulty documents; Penalty on, or suspension of, the bank | استبعاد لعدم وجود كتاب التحويل |
| 30 November 2014 | Erbil Bank for Investment & Finance | $16 million | $16 million | Penalty on, or suspension of, the bank | حسب مذكرة الصيرفة المؤرخة في |
| 22 October 2013 | Sumer Commercial Bank | $16 million | $16 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 في 2013/10/22 |
| 3 August 2013 | Cihan Bank for Islamic Investment & Finance | $16 million | $20 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1592 في 31/7/2013 |
| 12 June 2014 | Ashur International Bank for Investment | $15.8 million | $15.8 million | Penalty on, or suspension of, the bank | سبب الاستبعاد استنادا الى مذكرة الاستثمارات المرقمة 1868/5/2 في 2014/5/19 |
| 21 July 2013 | International Development Bank (IDB) | $15.5 million | $15.5 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 350 في 21/7/2013 |
| undated | $15.5 million | $15.5 million | Penalty on, or suspension of, the bank | سب مذكرة غمل الاموال المرقمة 1827 | |
| 2 September 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $15.3 million | $25.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 666 في 2013/9/1 |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $15.2 million | $24 million | Held back for audit; Penalty on, or suspension of, the bank | ت4وت5) حسبب كتاب المصرف المرقم ت2) لاغراض تدقيقة |
| 1 August 2013 | Cihan Bank for Islamic Investment & Finance | $15.1 million | $19.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1592 في 31/7/2013 |
| 25 September 2013 | Al-Bilad Islamic Bank for Investment & Finance | $15.1 million | $21.6 million | Held back for audit; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-تسلسل 1 بناء على طلب المصرف بكتابهم المرقم 2808 في 2013/9/19 2-تسلسل 2 لاغراض تدقيقية |
| 5 October 2013 | Al-Bilad Islamic Bank for Investment & Finance | $14.9 million | $23.7 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-تسلسل 1 و2 في كشف الحوالة بناء على طلب المصرف بكتابهم المرقم 2891/23 في 2013/10/3 2-تسلسل 3 بناء على طلب المصرف بكتابهم المرقم 919/5 في 2013/9/29 2-تسلسل 6 في كشف الحوالة بموجب كتاب المصرف 2893/13 في 2013/10/3 |
| 26 August 2013 | Cihan Bank for Islamic Investment & Finance | $14.8 million | $14.8 million | Problem with the import licence; Names or details do not match; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-تجاوز المبلغ المراد تحويله مبلغ الاجازة المقدمة تسلسل!1و2و3و4) في كشف الحوالات 2-لاختلاف اجازة الاستيراد المقدمة عن كشف الحوالات تسلسل!5) في كشف الحوالات 3-يستبعد تسلسل ,!7,6) في كشف الحوالات حسب طلب المصرف بكتابه المرقم 1755 في 2013/8/26 |
| undated | Ashur International Bank for Investment | $14.8 million | $14.8 million | Penalty on, or suspension of, the bank | يب الاسنيها 4ر01301 2 لموراات مع موموع النف الحرفل رمع اكتاب اعرام 2196 فى |
| 18 May 2014 | Commercial Bank of Iraq | $14.7 million | $14.7 million | Names or details do not match; Penalty on, or suspension of, the bank | استبعاد المصرف لاختلاف اسم مخول وحدة غسن الامول وحسب مذكرة الصيرفة المرقمة 6924/3/9 في 2014/5/6 |
| 7 August 2013 | Cihan Bank for Islamic Investment & Finance | $14.7 million | $14.7 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب المرقم 1517/3/44 في 7/8/2013 |
| 26 October 2013 | Gulf Commercial Bank | $14.6 million | $18.6 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم ح.خ.دولي/1137 في 2013/10/21 |
| 24 November 2014 | Erbil Bank for Investment & Finance | $14.2 million | $14.2 million | Penalty on, or suspension of, the bank | حسب مذكرة الصيرفة |
| 17 April 2014 | Iraqi Middle East Investment Bank | $14.1 million | $14.1 million | Penalty on, or suspension of, the bank | بموجب مذكرة الصيرفة المرقمة 1570/2/9 فى 2014/4/16 |
| 2 July 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $14 million | $14 million | Duplicate or reused invoice; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-حسب طلب المصرف ذو الكتاب المرقم 489 في 2/7/2013 بأستبعاد مبلغ 5 مليون دولار 2-استبعاد مبلغ 9 مليون دولار لأستخدام الفاتورة مسبقا بتاريخ 5/5/2013 تسلسل ,!2) في كشف الحوالات |
| 1 April 2013 | Gulf Commercial Bank | $13.9 million | $13.9 million | Penalty on, or suspension of, the bank | لوجود عقوبة بمنعه من دخول المزاد لمدة شهر |
| 6 October 2013 | Cihan Bank for Islamic Investment & Finance | $13.4 million | $13.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 2135/3/44 في 2013/10/6 |
| 20 October 2013 | Economy Bank for Investment & Finance | $13.3 million | $13.3 million | Penalty on, or suspension of, the bank | بناء على مذكرة المديرية العامة للحسابات المرقمة حس/2875/3/11 في |
| undated | National Islamic Bank | $13 million | $17.3 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب المرقم 2764 في 7/8/2013 |
| 9 January 2013 | Union Bank of Iraq | $12.9 million | $12.9 million | Penalty on, or suspension of, the bank | منع من دخول المزاد حسب كتاب المديرية العامة للصيرفة والانتمان 83/3/9 في 2013/1/8 |
| undated | National Islamic Bank | $12.8 million | $12.8 million | Names or details do not match; Penalty on, or suspension of, the bank | لاختلاف كتابة المبلغ رقما وكتابه في استمارة لشراء على كتب المصرف |
| 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 |
| 16 September 2013 | Economy Bank for Investment & Finance | $12.6 million | $12.6 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 673 في 2013/9/15 |
| undated | Cihan Bank for Islamic Investment & Finance | $12.6 million | $16.6 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف بكتابهم المرقم 1798 في 29-8-2013 |
| 24 October 2013 | Economy Bank for Investment & Finance | $12.5 million | $12.5 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 في 2013/10/22 |
| 19 July 2014 | Commercial Bank of Iraq | $12.2 million | $12.2 million | Penalty on, or suspension of, the bank | موجب مذكرة الصيرفة المرقما 9458/2/9 في 2014/6/18 |
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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.