Official: Nine Lebanese banks to withdraw from Cyprus

May 24, 2022, 4:23 AM | Updated: 7:13 am

NICOSIA, Cyprus (AP) — Nine Lebanese banks are shutting down their operations on the Mediterranean island of Cyprus, a representative of the Cyprus Central Bank said on Tuesday.

The banks will close their branches on the island within a period of time that will allow them to wind down operations in an orderly fashion, said the representative, who spoke to the Associated Press on condition of anonymity because he’s not allowed to discuss the matter publicly.

He said the shuttering of the branches won’t adversely affect the east Mediterranean island’s economy. Total deposits and loans held by the branches on the island amount to less than 1% of the entire Cypriot banking system’s deposits and loans, and the majority of those belong to non-residents.

The Cyprus Central Bank received no explanation regarding the decision, but the closure may be a bid by Lebanese authorities to pre-empt a potential capital flight amid the country’s ongoing economic chaos.

The central bank reassured clients that all deposits below 100,000 euros were fully guaranteed.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Poisonous bite leads German police to farm with 110 snakes

BERLIN (AP) — Police in Germany said Sunday they discovered more than 110 dangerous snakes on a farm after a woman who lived there sought medical treatment for a poisonous bite. The 35-year-old woman drove to a hospital in Salzgitter, near Hannover, early Sunday and told doctors there that one of her rattlesnakes bit her […]
14 hours ago
Associated Press

Average US gasoline price drops 4 cents to $5.05 per gallon

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline fell by 4 cents per gallon in the past two weeks to $5.05 for regular grade, it was reported Sunday. It was the first drop in nine weeks and came with a drop in oil prices amid deepening global inflation fears, industry analyst Trilby […]
14 hours ago
Associated Press

Newspaper: Oklahoma gun deaths rose as firearms access grew

OKLAHOMA CITY (AP) — Gun deaths in Oklahoma have increased since a “permitless carry” law allowing people over the age of 21 to carry a gun without a permit or training went into effect in 2019, according to a newspaper’s review of data. The Oklahoman analyzed state medical examiner data and found that Oklahoma has […]
14 hours ago
FILE - Bosnian Serb member of the tripartite Presidency of Bosnia Milorad Dodik watches military ex...
Associated Press

Bosnian Serb leader prays for Trump’s return, praises Putin

SARAJEVO, Bosnia-Herzegovina (AP) — The leader of Bosnia’s Serbs said Sunday he hoped former U.S. President Donald Trump would return to power and that the Serbs would “wait for appropriate global circumstances” to reach for their goal of seceding from Bosnia, which he called an “unsustainable state.” Milorad Dodik, who was a rare European official […]
14 hours ago
FILE - Wallace Reid purchases fuel for the vehicle he drives to make a living using ride-share apps...
Associated Press

Greedflation: Is price-gouging helping fuel high inflation?

Most economists say corporate price gouging is, at most, one of many causes of runaway inflation — and not the primary one.
14 hours ago
Associated Press

Kenzo designer dazzles Paris with color, preppy styles

PARIS (AP) — Kenzo’s designer, Nigo, found his groove for his sophomore collection at the LVMH-owned house, drawing vibrant parallels with house founder Kenzo Takada. Nigo has made history as the first Japanese designer to front the house since Takada, who died in 2020. But beyond the fashion, Nigo — who has made high profile […]
14 hours ago

Sponsored Articles

...

Most plumbing problems can be fixed with regular maintenance

Instead of waiting for a problem to happen, experts suggest getting a head start on your plumbing maintenance.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Vaccines are safe if you are pregnant or breastfeeding

Are you pregnant? Do you have a friend or loved one who’s expecting?
...
CANVAS ANNUITY

Best retirement savings rates hit 4.30%

Maximize your retirement savings with guaranteed fixed rates up to 4.30%. Did you know there is a financial product that can give you great interest rates as you build your retirement savings and provide you with a paycheck for life once you retire? It might sound too good to be true but it is not; this product is called an annuity.
Official: Nine Lebanese banks to withdraw from Cyprus