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- Withdrawn at the bank's request$1.27 billion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.
1,066 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 |
|---|---|---|---|---|---|
| undated | Rasheed Bank | $45.3 million | $45.3 million | Other reasons | اشارة الى تعميم المديرية العامة لمراقبة الصيرفة والانتمان المرقم 20/6/9 في |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $29.3 million | $29.3 million | Other reasons | يستبعد لوجود خطأ في التاريخ المثيت على استمارة الشراء |
| 28 December 2013 | Al-Bilad Islamic Bank for Investment & Finance | $29.1 million | $29.1 million | Other reasons | حدم الراج السم المدير المفرض في ققمة الشراء |
| 17 November 2013 | Al-Bilad Islamic Bank for Investment & Finance | $28.1 million | $28.1 million | Other reasons | ال لية اليات المية قمرقة م 327d/ في 2013/1017 |
| 26 February 2014 | Ashur International Bank for Investment | $27.9 million | $27.9 million | Other reasons | سبب الاستبع وشراء العملة الاجنبية |
| undated | North Bank for Finance & Investment | $26 million | $26 million | Other reasons | 2074/0412 26,021,000 الصيرفة العرقمة 41318/2/9 |
| 9 December 2013 | Ashur International Bank for Investment | $25.1 million | $25.1 million | Other reasons | سهب الامنتهعا عم كالنية الرميد البادي في حب المصرف |
| 28 January 2014 | Al-Bilad Islamic Bank for Investment & Finance | $24.5 million | $28.8 million | Other reasons | 207 410 /2 2791567113 رجب كتي العر |
| 18 November 2013 | Al-Bilad Islamic Bank for Investment & Finance | $23.7 million | $23.7 million | Other reasons | تقديم الصعاملة بمدة القل من اسبوح قول جلمة: |
| 3 February 2014 | United Bank for Investment (UBI) | $23.6 million | $23.6 million | Other reasons | لاعراض تدافيقية |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $21.6 million | $28.2 million | Other reasons | لم الجازة الإستواد مع المنف المراقن ضر |
| 8 January 2014 | Al-Bilad Islamic Bank for Investment & Finance | $21.5 million | $29.7 million | Other reasons | 21,623,000 دزت2، الوهود متدريات مدرية ال(غرات |
| 27 February 2014 | Erbil Bank for Investment & Finance | $21.5 million | $21.5 million | Other reasons | امتلعة لحمل الأموافيل مراقب الامتثل يدلا من مدير |
| undated | North Bank for Finance & Investment | $20.9 million | $20.9 million | Other reasons | و يسْع املر 4 دع لمناء عن حي الصال الساعة من فإل الندهر المفرض |
| 26 February 2014 | Erbil Bank for Investment & Finance | $20.6 million | $20.6 million | Other reasons | لايداعه المبلغ المطلوب قبل يوم واحد خلافا بذلك 20,550,000 للفقرة !أ-15) الاجراءات والضوابط من تعليمات بيع وشراء العملة الاجنبية |
| undated | Al-Huda Bank | $19.4 million | $19.4 million | Other reasons | الأموال 19,444,000 المرقمة 827/ في |
| undated | Investment Bank of Iraq | $19.4 million | $19.4 million | Other reasons | استه الة لم المصرف لكتم الصرف 2943 فى 2093/11/12 |
| undated | $18.7 million | $22.6 million | Other reasons | ,18بامضعاةء الصهع !10 0!130 ر- كقون الاوث /2043 قلاس | |
| 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 |
| 29 May 2014 | Ashur International Bank for Investment | $18.4 million | $31.6 million | Other reasons | سهب الاستيعاد 18,430,000 يسته ت !1ر3) تؤول فى ثوقت الخاضر لوجوه مشاريات متقاو |
| 9 February 2015 | Al-Huda Bank | $18.4 million | $22.8 million | Other reasons | 18,419,000 الاغراض بدقيقية |
| 8 June 2014 | Sumer Commercial Bank | $18.2 million | $18.2 million | Other reasons | ستبعاد لتقديمه المعاملة قبل 6 ايام عمل ومخالفا بذلك لتعليمات البنك المركزي |
| 16 June 2014 | Sumer Commercial Bank | $18.2 million | $18.2 million | Other reasons | به المرقم 1863 في 14/6/10 |
| undated | United Bank for Investment (UBI) | $18 million | $18 million | Other reasons | 3877 في 20111/20تل يخوي |
| undated | Rasheed Bank | $17.8 million | $51.2 million | Other reasons | سهلي اخرى حطلة |
| 16 June 2014 | Gulf Commercial Bank | $17.7 million | $33.9 million | Other reasons | من الحوالتلكون الاشعار مودع قبل 6 ايا. |
| undated | Sumer Commercial Bank | $17.7 million | $17.7 million | Other reasons | المرقمة 1173 في 2014/03/27 |
| 3 March 2014 | Ashur International Bank for Investment | $17.4 million | $24.7 million | Other reasons | سبب الاستبعة ,ت1)منفلا اجتزة الاستيراد و,ت2) المخراض تقهقية |
| 3 February 2014 | Ashur International Bank for Investment | $17.2 million | $29.9 million | Other reasons | سبب الاستبعة |
| 10 December 2013 | $17.2 million | $17.2 million | Other reasons | 722 الم 2013/92/3 0430724 مخافيور: ي الخرة () من رمينا من | |
| 22 September 2013 | Sumer Commercial Bank | $17.1 million | $17.1 million | Other reasons | 5-شركة الفاو,ورود تاريخ الكشف في 2013/9/11) عم توقيع المعاملة من قبل المدير المفوض |
| 7 January 2014 | Al-Bilad Islamic Bank for Investment & Finance | $17 million | $29.4 million | Other reasons | الارين رتروف قوة) تعم بمترع فشوارة في نجرة استوادة من سساوردين |
| 28 May 2013 | Dijlah & Furat Bank for Development & Investment | $17 million | $17 million | Other reasons | لتجزئة الفاتورة وهذا يخالف التعليمات |
| 8 January 2013 | Al-Bilad Islamic Bank for Investment & Finance | $16.9 million | $16.9 million | Other reasons | كون شركة افاق المستقبل شركة واجهيه لم تقدم اي اوليات عند طلبها من قبل المستوردين |
| 14 January 2013 | Commercial Bank of Iraq | $16.9 million | $16.9 million | Other reasons | كون ختم كشف الحوالات مستنسخ |
| 22 May 2013 | National Islamic Bank | $16.8 million | $16.8 million | Other reasons | عدم مطابقة المبلغ المطلوب مع مبلغ الكشف |
| undated | Cihan Bank for Islamic Investment & Finance | $16.8 million | $16.8 million | Other reasons | 2013/11/17 مرطي |
| undated | Sumer Commercial Bank | $16.7 million | $16.7 million | Other reasons | السرقسة 1173/3/9/ في 2014/03/27 |
| 24 November 2013 | National Islamic Bank | $16.6 million | $16.6 million | Other reasons | 2011 37 ة ال ين 11/10 |
| 3 March 2014 | Sumer Commercial Bank | $16.4 million | $16.4 million | Other reasons | !ت 1)و,ت3) يستبعد ,يوجل في الوقت |
| 8 January 2014 | Erbil Bank for Investment & Finance | $16.1 million | $20.6 million | Other reasons | ميتت متطاية |
| 30 October 2013 | Region Trade Bank (RTB, formerly Emerald Bank) | $16.1 million | $20.1 million | Other reasons | على استمارة الشراء |
| 11 February 2015 | North Bank for Finance & Investment | $15.9 million | $15.9 million | Other reasons | 15/2ب المصرف المركم 934 في |
| undated | North Bank for Finance & Investment | $15.9 million | $15.9 million | Other reasons | 15/2ب المصرف المركم 934 في |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $15.6 million | $25.8 million | Other reasons | لدين عم فها ان كن كم متريج اجواة الاستات فى كند الموالياة |
| 10 November 2013 | Gulf Commercial Bank | $15.6 million | $27.2 million | Other reasons | 15,575,000 لصلسل 1 و3 و4 لاكراض تنقهية |
| undated | National Islamic Bank | $15.5 million | $15.5 million | Other reasons | 0 افي ة 11 ا204ي الامتتل المدرج لمسحه في مذارة الص |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $15.3 million | $29.6 million | Other reasons | لح ا ضراض قارة الاسي |
| 4 July 2013 | Iraqi Islamic Bank for Investment & Development | $15.3 million | $15.3 million | Other reasons | لقيام المصرف بأستخدام الختم الجديد بدلأ من الموعد المحدد لأستخدامه في 6/7/2013 |
| 23 October 2013 | Economy Bank for Investment & Finance | $15.2 million | $15.2 million | Other reasons | 3333/3/9 فى 2013/10/22 |
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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.