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- Withdrawn at the bank's request$1.27 billion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.
50 rows
| Date | Bank | Refused | Of a request for | Reason | The committee's words |
|---|---|---|---|---|---|
| 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 |
| 3 March 2014 | Al-Bilad Islamic Bank for Investment & Finance | $14.8 million | $27.7 million | Timing or procedure | تكوت 4وت6,يزجل في الوقت الحاضر) |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $14.3 million | $29.6 million | Timing or procedure | إتزجل فلى الوقت الحاضر لاغراش غايية الحواقة و,ت3ر8) |
| 15 July 2014 | Al-Bilad Islamic Bank for Investment & Finance | $12.8 million | $12.8 million | Missing or faulty documents; Timing or procedure | دم اعتماد توقيع المدير المقوض وكالة ضمن كت 2 لعدم مصرف المرقم 1898/6 في 14/06/30 ااستحصال موافقة الصيرفة فى الوقت الحاضر |
| undated | Al-Bilad Islamic Bank for Investment & Finance | $11.6 million | $27.6 million | Held back for audit; Timing or procedure | 11,637,000 :مت,4و6و7) بؤجل في الوقت الحاضر لاغراض تدقيقية |
| 4 February 2014 | Al-Huda Bank | $11.4 million | $16 million | Held back for audit; Timing or procedure | ,ت2وت3وت4! يؤجل فى الوقت الحاضر ,لاعراض تدايقية) |
| undated | Al-Huda Bank | $9.8 million | $15 million | Problem with the import licence; Missing or faulty documents; Held back for audit; Timing or procedure | 2 لعدم وضوح الفسفورة عل اجازة الاستم 3 يؤجل في الوقت الحاضر لاغراض تدق |
| undated | Erbil Bank for Investment & Finance | $9.5 million | $19.6 million | Held back for audit; Timing or procedure | س قوانم المصرف واستبعاد شركة هه مون بعم دخولها مزاديوم 2014/02/08 من الحوالة ,ت2)!يؤجل في الوقت الحاضر الاغراض تدقيقية |
| undated | Cihan Bank for Islamic Investment & Finance | $9.5 million | $15.1 million | Held back for audit; Timing or procedure | #!ت2)!يؤجل في الوقت الحاضر) لاغراض تدقيقية |
| undated | National Islamic Bank | $9.3 million | $19.3 million | Held back for audit; Timing or procedure | !ت1و4و8) تؤجل في الوقت الحاضر لاغراض تدقيقية |
| 30 January 2014 | Erbil Bank for Investment & Finance | $9 million | $17 million | Held back for audit; Timing or procedure | (ت2) ,يزجل في الوقت الحاضر) لاعراض تدقيقية |
| undated | North Bank for Finance & Investment | $8.6 million | $17 million | Timing or procedure | وشيك يستهد شركة لدخولَها عن طريق مصرفي المَتَط ق الوائة ,ت1و3) يزجل في الوقت الحاضر لاغراض |
| undated | Erbil Bank for Investment & Finance | $8.5 million | $12.6 million | Held back for audit; Timing or procedure | ,ت2)لاغراض تدقيقية ,يؤجل في الوقت الحاضر) |
| undated | Ashur International Bank for Investment | $8.4 million | $15.7 million | Held back for audit; Timing or procedure | 8,380,000 ,!ت1! يؤجل في الوقت الحاضر لاغراض تدفيقية |
| undated | $8.3 million | $12.3 million | Held back for audit; Timing or procedure | (اشور /أبانف الكر ستائر الإسماء (,8) لسماء مع مصارف (لووار الحواة بسامل يزوان فى الوقت الحاضر لاغراض تنقيقي | |
| undated | Region Trade Bank (RTB, formerly Emerald Bank) | $8.2 million | $8.2 million | Held back for audit; Timing or procedure | 8,200,000 يؤجل في الوقت الحاضر لاغراض تدقيقية |
| 22 January 2014 | Ashur International Bank for Investment | $8.1 million | $15.4 million | Held back for audit; Timing or procedure | (,ت1) ,تزجل في الوقت الحاضر ) لاغراض تدقيقية |
| 22 January 2014 | Gulf Commercial Bank | $7.5 million | $19.3 million | Held back for audit; Timing or procedure | (ت1وت3) ,يؤجل في الوقت الحاضر) لاعراض تدقيقية |
| undated | Investment Bank of Iraq | $7.3 million | $13.7 million | Held back for audit; Timing or procedure | ت,2و3) يؤجل في الوقت الحاضر لاغراض تدفيقية |
| undated | Gulf Commercial Bank | $6.5 million | $16.1 million | Held back for audit; Timing or procedure | ت2 توجل في الوقت الحاضر وت3 لاغراض تدقيقية |
| undated | National Islamic Bank | $6.2 million | $18.8 million | Held back for audit; Timing or procedure | ت,1و5و8) يوجل في الوقت الحاضر لاغراض تدقيقية |
| undated | Sumer Commercial Bank | $6 million | $12 million | Held back for audit; Timing or procedure | أ (ت 1وت3) يؤجل في الوقت الحاضر لاغراض تدقيقية |
| undated | Iraqi Islamic Bank for Investment & Development | $5.6 million | $15.5 million | Held back for audit; Timing or procedure | (,ت1) يؤجل في الوقت الحاضر لاغراض تدقيقية |
| undated | Rafidain Bank | $5.5 million | $16.8 million | Held back for audit; Timing or procedure | ت3 يؤجل في الوقت الحاضر لاغراض تدقيقية |
| 3 March 2014 | Commercial Bank of Iraq | $5.2 million | $16.5 million | Timing or procedure | ,ت3) ,يؤجل في الوقت الحاضر) |
| undated | Iraqi Islamic Bank for Investment & Development | $4.9 million | $15.7 million | Timing or procedure | ت2 يزجل في الوقت الحاضر لاغراض الدقيقية |
| 29 January 2014 | Cihan Bank for Islamic Investment & Finance | $4.9 million | $12.7 million | Held back for audit; Timing or procedure | (ت3) !,يوجل فى الوقت الحاضر )لا غراض تدائيقية |
| undated | Al-Huda Bank | $4.8 million | $15.6 million | Held back for audit; Timing or procedure | ,!ت2) يؤجل في الوقت الحاضر ,!لا غراض تدقيقية) |
| undated | Al-Huda Bank | $4.7 million | $16.3 million | Held back for audit; Timing or procedure | ,ت2) لاغراض تدقيقية !يؤجل في الوقت الحاضر) |
| undated | Gulf Commercial Bank | $4.5 million | $9.8 million | Held back for audit; Timing or procedure | ت4وت1 يؤجل في الوقت الحاضر ,لاغراض تدقيقية) |
| 8 January 2015 | Economy Bank for Investment & Finance | $4.5 million | $9.6 million | The same customer at more than one bank; Held back for audit; Timing or procedure | بعاد المهلغ !,2000لاخراض تداوة تركافت التكرار لمساء ولا غراض تذلهوقية. |
| undated | Sumer Commercial Bank | $4.4 million | $10.2 million | Timing or procedure | كتيت) 3⁄8€يؤجل في الوقت الحاضر) لافراض |
| undated | North Bank for Finance & Investment | $4.3 million | $12.4 million | Held back for audit; Timing or procedure | !ت3) يؤجل في الوقت الحاضر !لاغراض تدقيقية) |
| undated | North Bank for Finance & Investment | $4.2 million | $16.7 million | Held back for audit; Timing or procedure | ,تن4) ,يزجل في الوقت الحاضر) اغراض تدكيقيا |
| 22 January 2014 | North Bank for Finance & Investment | $4.2 million | $12.3 million | Held back for audit; Timing or procedure | (ت3)(يزجل في الوقت الحاضر) ادراض تدايقية |
| 10 September 2013 | Elaf Islamic Bank (formerly Barakaat Bank) | $4 million | $4 million | Timing or procedure | لورود الطلب متأخر علما اننا طلبنا ان تقدم المصارف طلباتها في اليوم الذي يسبق المزاد |
| undated | Commercial Bank of Iraq | $3.9 million | $10.1 million | Held back for audit; Timing or procedure | !ت4) يؤجل في الوقت الحاضر ,!لاغراض تدقيقية) |
| undated | Investment Bank of Iraq | $3.1 million | $8.6 million | Timing or procedure | تاتيقْبةُ (يزجل في الوقت الحاضر)لا غراض |
| 10 September 2013 | Rasheed Bank | $3 million | $44.6 million | The same customer at more than one bank; Penalty on, or suspension of, the bank; Timing or procedure | العامة للصيرفه 3-النواعير ,حسب المراسلة مع المديرية العامة للصيرفة والانتمان) 4-الطيف والنور والنبلاء والوائل!بناء على كتاب المديرية العامة للصيرفة والانتمان) 5-شركة سبأ,تكرار اسماء الزبائن في كشوفات الزبائن المقدمة ) 6-شركات الامين والمهل والمشهور ,تكرار اسماء الزبائن في الكشوفات المقدمة) |
| undated | Banque Libano-Française (Iraq) | $3 million | $4.5 million | Held back for audit; Timing or procedure | ت1 يؤجل في الوقت الحاضر لاخراض تدقيقية |
| undated | Union Bank of Iraq | $2.9 million | $12.4 million | The same customer at more than one bank; Timing or procedure | ن الحوالة ,ت2) (يؤجل في الوقت الحاضر لنقد لتكرار !اسعين) من شركة المغيد و |
| 17 September 2013 | Rasheed Bank | $2.9 million | $46.6 million | The same customer at more than one bank; Missing or faulty documents; Penalty on, or suspension of, the bank; Timing or procedure | 2806/29 في 2013/9/9 1-الغريب للتوسط ,تكرار اسم زبون في قائمة البيع) :-زهور بغداد,ورود الطلب باسم نانب المدير المفوض) 4-التساهل!,عدم وجود توقيع المحاسب على قوائم الاسماء المرفقة) 5-النصر(خطأ في تاريخ الاقرار !2013/7/19) 6-المهل!,!عدم وجود ختم الشركة على كتاب طلب الشراء) |
| undated | National Bank of Iraq (NBI) | $2.6 million | $4.8 million | Timing or procedure | ,تدقتيّة جل في الوقت الحاضر !لاغراض) |
| undated | Investment Bank of Iraq | $2.4 million | $8.8 million | Timing or procedure | تدتيقية يؤجل في الوقت الحاضر (لاغراض |
| undated | Gulf Commercial Bank | $2.3 million | $11 million | Timing or procedure | كت يقيَ(يزجل في الوقت الحاضر )لا فراض |
| undated | Commercial Bank of Iraq | $2.2 million | $8.4 million | Held back for audit; Timing or procedure | ت3 يؤجل في الوقت الحاضر لاغراض تدايقية |
| undated | Investment Bank of Iraq | $2.1 million | $13.5 million | Timing or procedure | ت5 يزجل في الوقت الحاضر لاخراض تدقينية |
| undated | Credit Bank of Iraq | $1.5 million | $1.5 million | Held back for audit; Timing or procedure | (يزجل في الوقت الحاضر ) لاغراض تدقيقية |
| undated | Credit Libanais SAL | $0.9 million | $1.8 million | Held back for audit; Timing or procedure | !ت2) ,!يؤجل في الوقت الحاضر) إلاغراض تدقيقية |
| undated | Economy Bank for Investment & Finance | $0.3 million | $0.3 million | Held back for audit; Timing or procedure | يوجل في الوقت الحاضر لاغراض تدقيقية |
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.