Lebanese banks failed to withstand the pressure of the economic, financial and monetary crisis, and its repercussions went beyond the framework of the Lebanese borders. In this context, some of them in the Iraqi capital, Baghdad, announced a voluntary liquidation of their branches by placing banners on their doors in a move that reflects the economic crisis.

The Cyprus News Agency, in turn, revealed that the 9 Lebanese banks also decided to close their branches on the island by a decision issued by the Central Bank of Lebanon, but the matter has not yet been officially announced.

The Cypriot decision came as a precautionary reaction to any possible effects that may affect the Cypriot banking sector in the event that Lebanese branches fail to pay their depositors’ dues.

These developments are nothing but the production of the “recovery plan” that the government has put in place to meet the requirements of the International Monetary Fund.

Thus, Cyprus, with its important European dimension, is the fourth country, after Iraq, Jordan and Egypt, that Lebanese banks leave under the weight of the repercussions of the outbreak of the financial and monetary crises and the exacerbation of internal pressures on the central bank and the banking system together.