IP- Lebanon as a state and its central bank have gone bankrupt, according to Deputy Prime Minister Saadeh al-Shami.

Iran PressMiddle East: "The state has gone bankrupt as did the Banque du Liban, and the loss has occurred, and we will seek to reduce losses for the people," Al-Shami told the local Al-Jadeed channel.

He said the losses would be distributed among the state, the Banque du Liban, banks, and depositors.

"There is no conflict of views about the distribution of losses," he added.

Since late 2019, Lebanon has been grappling with a severe economic crisis, including a massive currency depreciation and fuel and medical shortages.

The Lebanese currency has lost 90% of its value, eroding people's ability to access essential goods, including food, water, healthcare, and education. At the same time, widespread power outages are expected due to fuel shortages.

Al-Shami said the country's situation "cannot be ignored"; hence bank withdrawals cannot be open to everyone.

"I wish we were in a normal situation," he added.

Cash withdrawals in foreign currency in Lebanon have been strictly limited since 2019 due to the ongoing economic crisis.

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