![Protesters gather during a demonstration outside the headquarters of Lebanon's central bank, also known as Banque du Liban, in Beirut, Lebanon, on Sunday, Jan. 23, 2022 [Hasan Shaaban/Bloomberg via Getty Images]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2022/04/GettyImages-1237937249-scaled-e1649079429697.jpg?fit=1200%2C800&ssl=1)
Lebanon as a State, and its Central Bank, has gone bankrupt, according to Deputy Prime Minister, Saadeh Al-Shami.
“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.
![Prime Minister Najib Mikati: Lebanon heading towards collapse - Cartoon [Sabaaneh/Middle East Monitor]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2021/09/IMG_3641-1-1.jpg?resize=500%2C310&ssl=1)
Prime Minister Najib Mikati: Lebanon heading towards collapse – Cartoon [Sabaaneh/Middle East Monitor]
“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 as well as fuel and medical shortages.
The Lebanese currency has lost 90 per cent of its value, eroding people’s ability to access basic goods, including food, water, healthcare, and education, while widespread power outages are common due to fuel shortages.
Al-Shami said the country’s situation “cannot be ignored” hence bank withdrawals cannot be open to all people.
“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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