Lebanese Banks In Cyprus Will Be Closing Down By The End Of 2022

Cyprus Is Taking Measures To Protect Deposits In Lebanese Bank Branches
Flickr/Protaras Cyprus

Several Lebanese Banks will be shutting down by the end of 2022 after the many attempts of the Central Bank in Cyprus to push them out since 2019.

The list of Lebanese Banks in question includes Bank Med, Bank Beirut, Banque BEMO, BBAC, BLO Bank, Lebanon & Gulf Bank, Credit Libanais, and IBL Bank as reported by local media.

The executive president of Bank BEMO is expecting the shutdown to be at the end of June and has proceeded to inform his clients, the rest of the banks have yet to comment on the situation.

Related: Banque Du Liban Wasted $1.8 Billion Of Lebanon’s Money Trying To Control The Exchange Rate.