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- Withdrawn at the bank's request$1.27 billion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.
500 rows
| Date | Bank | Refused | Of a request for | Reason | The committee's words |
|---|---|---|---|---|---|
| 6 June 2013 | Investment Bank of Iraq | $43.7 million | $43.7 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 1 June 2013 | Dijlah & Furat Bank for Development & Investment | $37.1 million | $37.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 30 May 2013 | Dijlah & Furat Bank for Development & Investment | $35.1 million | $35.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 2 June 2013 | Dijlah & Furat Bank for Development & Investment | $34.3 million | $38.3 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية الرصيد المصرف |
| 21 May 2013 | Dijlah & Furat Bank for Development & Investment | $34.3 million | $34.3 million | The same customer at more than one bank; Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف 1-تكرار اسماء (شركة الانيق وشركة عبر الخليج) 2-نقصر |
| 2 June 2013 | Al-Huda Bank | $34.1 million | $38.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 1 June 2013 | Al-Huda Bank | $34.1 million | $34.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 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 |
| 8 June 2013 | Dijlah & Furat Bank for Development & Investment | $30.7 million | $30.7 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 8 June 2013 | International Development Bank (IDB) | $30.6 million | $30.6 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 22 May 2013 | Dijlah & Furat Bank for Development & Investment | $29.9 million | $29.9 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 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 |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $27.8 million | $27.8 million | Bank's funds did not cover the request; Missing or faulty documents | 1- لعدم كفاية رصيد المصرف الذي يبلغ ,!43638038) مليار دينار عراقي 2-بالنسبة للنقد يستبعد لتقديم الطلب في غير الموعد المحدد |
| 29 October 2013 | Al-Bilad Islamic Bank for Investment & Finance | $23 million | $23 million | Missing or faulty documents | لعدم تقديم معلومات السويفت |
| 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 |
| undated | $20.8 million | $20.8 million | Bank's funds did not cover the request; Missing or faulty documents | العدم كفاية الرصيد للمصرف لتغطية طلب | |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $20.7 million | $20.7 million | Bank's funds did not cover the request; Missing or faulty documents | 20,686,000 لعدم كفاية الرصيد لتغطية طلب البنك |
| 22 August 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $20.2 million | $24.6 million | Missing or faulty documents | لعدم توفر رصيد في حساب المصرف الجاري |
| 6 June 2013 | International Development Bank (IDB) | $20 million | $24 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف لعدم كفاية رصيد المصرف |
| 6 June 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $20 million | $24 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف لعدم كفاية رصيد المصرف |
| 23 June 2013 | Al-Bilad Islamic Bank for Investment & Finance | $19.7 million | $19.7 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 30 June 2013 | Cihan Bank for Islamic Investment & Finance | $19 million | $19 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 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 |
| 16 September 2013 | International Development Bank (IDB) | $19 million | $19 million | Missing or faulty documents | لعدم وجود توقيع المدير المفوض على استمارة الشراء وقد ابلغ المصرف وتفهم السبب |
| 28 October 2013 | Al-Bilad Islamic Bank for Investment & Finance | $18.9 million | $31.7 million | Missing or faulty documents | ستبعد النقد بسبب عدم الراج تاريخ اصدار الجواز وتاريخ نفاذ الجواز في قواتم البع ستبعد النقد بسبب عدم ادراج تاريخ |
| 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 |
| 28 July 2013 | National Islamic Bank | $18.9 million | $18.9 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف حيث ان الرصيد يبلغ 14742655000 دينار |
| undated | Rasheed Bank | $18.7 million | $66.7 million | The same customer at more than one bank; Missing or faulty documents | 1-استبعاد 8000000 لعدم وجود قوائم بيع للزبانن 2-استبعاد 10705000 لتكرار اسماء الزبانن واسباب اخرى |
| 18 June 2013 | Dijlah & Furat Bank for Development & Investment | $18.6 million | $18.6 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| undated | Erbil Bank for Investment & Finance | $18 million | $22 million | The same customer at more than one bank; Missing or faulty documents | ستبعدت الحوالة لعدم ادراج اسم المصرف في استمارة الشراء ستبعد من النقد لتكرار الاسماء ضمن قوائم المصرف نفسه ومع مصارف الخليج واميرالد |
| 28 May 2013 | United Bank for Investment (UBI) | $18 million | $18 million | Missing or faulty documents | لعدم الالتزام بموعد تقديم الطلب |
| 7 October 2013 | Gulf Commercial Bank | $17.8 million | $21.8 million | The same customer at more than one bank; Missing or faulty documents | 1-استبعدت الحوالة لعدم تقديم معلومات السويفت 2-استبعد من النقد لتكرار اسماء ضمن قوائم المصرف نفسه وتكرار اسماء مع مصرف اشور |
| 28 September 2013 | Gulf Commercial Bank | $17.8 million | $21.8 million | The same customer at more than one bank; Missing or faulty documents | 1-تكرار اسماء مع مصارف اميرائد وقانمة فرع الاعظمية وتسلسل رقم (1) في قانمة فرع الكرادة استبعدت الحوالة لعدم توقيع المعاملة من قبل المدير المفوض |
| 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 |
| 30 October 2013 | Erbil Bank for Investment & Finance | $17.1 million | $21 million | The same customer at more than one bank; Missing or faulty documents; Held back for audit | ستبعدت الحوالة لعدم تقديم معلومات السويفت وتسلسل 2 لاغراض تدقيقية استبعد من النقد لتكرار 12 اسم ضمن قوانم نفس المصرف ومع مصرف الاقتصاد |
| undated | Al-Huda Bank | $17 million | $31.9 million | Bank's funds did not cover the request; Missing or faulty documents | تم استبعاد احد طلبي الحوالة لعدم كفاية رصيد المصرف |
| 23 June 2013 | Iraqi Islamic Bank for Investment & Development | $16.9 million | $16.9 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 24 June 2013 | International Development Bank (IDB) | $16.8 million | $16.8 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 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 |
| 8 June 2013 | Babylon Bank | $16.6 million | $16.6 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| undated | Al-Huda Bank | $16.3 million | $16.3 million | Missing or faulty documents | العدم تقديم سوفتات |
| 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 |
| 22 June 2013 | Dijlah & Furat Bank for Development & Investment | $15.9 million | $19.9 million | Bank below the capital requirement; Missing or faulty documents | لعدم استكمال رأس مال المصرف الى 150 مليار |
| 1 March 2014 | Iraqi Middle East Investment Bank | $15.9 million | $15.9 million | Missing or faulty documents | لعدم وجود موافقة الصيرفة على المدير |
| undated | Iraqi Islamic Bank for Investment & Development | $15.2 million | $15.2 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 21 July 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $15.2 million | $15.2 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف حيث ان الرصيد يبلغ ,2177604) مليار دينار عراقي |
| 9 June 2013 | Iraqi Islamic Bank for Investment & Development | $15.1 million | $15.1 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف |
| 12 September 2013 | Al-Bilad Islamic Bank for Investment & Finance | $14.9 million | $14.9 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية الرصيد |
| undated | Sumer Commercial Bank | $14.8 million | $14.8 million | Bank's funds did not cover the request; Missing or faulty documents | الحوالة والنقد لعدم كفاية الرصيد لتغطية طلب البنك |
| 21 July 2013 | Al-Huda Bank | $14.8 million | $14.8 million | Bank's funds did not cover the request; Missing or faulty documents | لعدم كفاية رصيد المصرف حيث ان الرصيد يبلغ ,2949110) مليار دينار عراقي |
Page 1 of 10
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.