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Some Lebanese banks in the Iraqi capital, Baghdad, announced a voluntary liquidation of their banks by placing banners on their doors in a move that shows the reflection of the economic crisis that Lebanon is suffering from, while the Iraqi Banks Association commented on this.
Among those banks, “Mediterranean Bank s.a.l. And the “Liquidation Announcement” banner stated that “based on the decision of the bank’s board of directors and the approval of the Central Bank of Iraq, it was decided to voluntarily liquidate and close the bank’s branches in Iraq,” calling on its customers “to receive their dues, pay what they owe, and close their accounts.”
Commenting on the matter, the advisor of the Iraqi Banks Association, Samir Al-Nusairi, says that “the Lebanese banks obtained licenses from the Central Bank several years ago for their branches to work in Iraq due to benefiting from the experience of Lebanese banks and developing banking relations with Lebanon,” noting that “the approval obtained from 12 banks.” To work as branches of major Lebanese banks operating in Lebanon.
He added, "The deterioration that occurred in the Lebanese economy more than two years ago and the deterioration of the Lebanese pound significantly due to a shortage of foreign currency and the problems that occurred in the Lebanese Central Bank and the Lebanese government led to the collapse of the economy in it, which prompted these major banks in Lebanon to cancel their branches in some countries. Arabia, including Iraq.
He added that "requests were submitted to the Central Bank of Iraq, which is considered the party that granted licenses to these branches to liquidate their business in Iraq," noting that "most of them have been liquidated, and only two banks for two branches are currently operating in Iraq, and they are not the same activity that was several years ago." in Iraq".
He pointed out that "there are in Iraq up to 72 private banks, including 30 Islamic banks and 28 commercial banks, and there are branches of foreign banks operating in Iraq, including Turkish and Lebanese, and banks of other nationalities."
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