Lebanese Central Bank Announces Bankruptcy

lebanon central bank went bankrupt
lebanon central bank went bankrupt

Lebanese Deputy Prime Minister Saadeh Al-Shami, in a television program he attended, stated that the state and the Central Bank of Lebanon had gone bankrupt and that the losses would be distributed among the state, the Central Bank of Lebanon, banks and depositors. Deputy Prime Minister Saadeh Al-Shami, who is at the head of the delegation that continues negotiations with the International Monetary Fund (IMF) on behalf of Lebanon, stated that the state and the Central Bank of Lebanon went bankrupt in a local television program he attended last night.

Al-Shami stated that the losses will be distributed among the state, the Central Bank of Lebanon, banks and depositors, and the state, like the Central Bank, went bankrupt. We will try to reflect the losses to the public as little as possible and the said losses will be shared between the government, the Central Bank, banks and deposit accounts.

Deputy Prime Minister Saadeh Al-Shami Explained

Referring to the ongoing negotiations with the IMF, Al-Shami said, “Negotiations continue between the Lebanese government and the International Monetary Fund. The most important thing we talked about today is the restructuring of the banking sector, the completion of the economic recovery plan, the approval of the budget and the Capital Control project in parliament," he said, adding that they hope to reach an agreement soon.

Denial of the Statement

Lebanese Central Bank Governor Riad Salameh, on the other hand, denied Deputy Prime Minister Al-Shami's statements about bankruptcy and stated that the bank continues to fulfill its duty given to it by law.

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