Lebanese banks close their branches in Iraq

Shafaq News / A number of Lebanese banks announced that they will close down their branches in Iraq, due to the current Lebanese financial crisis.

Bankmed is one of those banks. It hung a banner that said, "Based on the decision of the bank's Board of Directors and the approval of the Iraqi Central Bank, it was decided to voluntary close the bank branches in Iraq", "

calling on its customers to collect their dues and close their accounts.

Advisor to the Association of Iraqi Banks, Samir al-Nusairi, said that 12 Lebanese banks got licenses from the central bank several years ago to operate in Iraq, noting that the bad economic situation in Lebanon prompted these banks to close their branches in some Arab countries, including Iraq.

He added that the Iraqi Central Bank received applications from Lebanese banks to obtain approval for their decision, pointing out that only two banks are still operating in Iraq at a very slow pace.