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- Withdrawn at the bank's request$1.27 billion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.
155 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| Ashur International Bank for Investment | $36.4 million | $36.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | سبب الاستبعاد عسب طلب المصرف بكتابه المرقم م ا/اد 1440 في 2014/6/3 |
| 19 June 2013 | Kurdistan International Islamic Bank for Investment & Development | $25.3 million | $31.3 million | Withdrawn at the bank's request | حسب طلب المصرف |
| 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 |
| 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 |
| 29 May 2013 | United Bank for Investment (UBI) | $17.9 million | $17.9 million | Withdrawn at the bank's request | حسب طلب المصرف |
| 20 June 2013 | International Development Bank (IDB) | $17.7 million | $17.7 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 |
| 3 June 2013 | Dijlah & Furat Bank for Development & Investment | $17.5 million | $35.1 million | Withdrawn at the bank's request | حسب طلب المصرف ك/3/6/2013-2122 |
| 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 | 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 |
| 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 |
| 9 June 2013 | National Islamic Bank | $15.6 million | $15.6 million | Withdrawn at the bank's request | حسب طلب المصرف المرفق نسخة منه ذو العدد 1813 في 9-6-2013 |
| 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 |
| 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 |
| 29 June 2013 | International Development Bank (IDB) | $15.2 million | $15.2 million | Withdrawn at the bank's request | حسب طلب المصرف |
| 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 |
| 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 |
| 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 |
| 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 |
| undated | International Development Bank (IDB) | $13.1 million | $28.9 million | Company's activity does not match the goods; Names or details do not match; Withdrawn at the bank's request | 2-استبعاد مبلغ ,!1542) حسب طلب المصرف ذو العدد 344 في 18/7/2013 تسلسل !1) في كشف الحوالات 3- استبعاد مبلغ ,!225) تسلسل ,7) في كشف الحوالات ,لاختلاف نشاط المستفيد) |
| 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 |
| 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 |
| 23 September 2013 | Al-Bilad Islamic Bank for Investment & Finance | $12.2 million | $20.4 million | Missing or faulty documents; Held back for audit; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-استبعد النقد لعدم ادراج اسم الام في كشوفات الزبائن بالاضافة لعدم ذكر الاسم لثلاثي للزبائن من الحوالة: 1-تسلسل 2 لاغراض تدقيقية 2-تسلسل 4 بناء على طلب المصرف بكتابهم المرقم 2811 في 2013/9/19 |
| 5 April 2014 | National Islamic Bank | $12.2 million | $17.6 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | لحوالة بموجب طلب المصرف بكتابه المرقم دول م/97 في. 2014/4/2 |
| 1 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.9 million | $11.9 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 2104/3/44 في 2013/10/1 |
| 24 July 2013 | Iraqi Islamic Bank for Investment & Development | $11.9 million | $11.9 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 28/680 في 23/7/2013 |
| 4 August 2013 | Cihan Bank for Islamic Investment & Finance | $11.8 million | $11.8 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1592 في 31/7/2013 |
| 1 October 2013 | Iraqi Islamic Bank for Investment & Development | $11.8 million | $11.8 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 1150 في 2013/9/29 |
| 8 December 2013 | Mosul Bank for Development & Investment | $11.8 million | $11.8 million | Withdrawn at the bank's request | حسب طلب المصرف بكتايهم المرقم 2367/2/971 في 2013/12/8 |
| undated | Iraqi Islamic Bank for Investment & Development | $11.8 million | $11.8 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب المرقم 28/780 في 13/8/2013 |
| 6 July 2013 | Iraqi Islamic Bank for Investment & Development | $11.7 million | $15.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب المرقم 28/555 في 6/7/2013 |
| 2 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.5 million | $11.5 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 2109/3/44 في 2013/10/1 |
| 28 July 2013 | Babylon Bank | $11.5 million | $11.5 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1/1656 في 25/7/2013 |
| 7 July 2013 | Iraqi Islamic Bank for Investment & Development | $11.5 million | $15.2 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | استبعاد الحوالتين 1و2 حسب طلب المصرف بكتابهم 585/28 في 7/7/2013 |
| undated | Iraqi Islamic Bank for Investment & Development | $11.4 million | $11.4 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 1151/28 في 2013/9/29 |
| 3 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.3 million | $15.3 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | بناء على طلب المصرف بكتابهم المرقم 2114/3/44 في 2013/10/3 |
| 7 October 2013 | Cihan Bank for Islamic Investment & Finance | $11.3 million | $11.3 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 |
| 17 July 2013 | Al-Bilad Islamic Bank for Investment & Finance | $11.3 million | $29.9 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 2-حسب طلب المصرف بأستبعاد مبلغ !5710) ذو الكتاب المرقم 15/773 في 17/7/2013 تسلسل !13) في كشف الحوالات |
| undated | Babylon Bank | $11.2 million | $11.2 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب 1700 في 31/7/2013 |
| undated | Iraqi Islamic Bank for Investment & Development | $11.2 million | $18.3 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف ذو الكتاب المرقم 28/623 في 13/7/2013 |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $11.1 million | $14.3 million | Held back for audit; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1- تسلسل 1 في كشف الحوالة لاغراض تدقيقية 2-تسلسل 3 في كشف الحوالة حسب طلب المصرف بكتابهم المرقم 2904/381 في |
| 31 July 2013 | Al-Bilad Islamic Bank for Investment & Finance | $11.1 million | $17.7 million | Penalty on, or suspension of, the bank; Withdrawn at the bank's request | حسب طلب المصرف باستبعاد كامل الحوالة بموجب الكتاب ذو العدد 13/302/2246 في 30/7/2013 |
| 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 |
| 7 October 2013 | Al-Bilad Islamic Bank for Investment & Finance | $10.9 million | $24.1 million | Held back for audit; Penalty on, or suspension of, the bank; Withdrawn at the bank's request | 1-تسلسل 2 و3 حسب طلب المصرف بكتابهم المرقم 3020/403/13 في 2013/10/6 2-تسلسل 4 لاغراض 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.