Beirut, Mar 16 (IANS): Lebanese Parliament Speaker Nabih Berri has warned against the catastrophic repercussions of the absence of a President for the country after the collapse of the local currency.

"Everyone must realise that we do not have the luxury of wasting time in light of the deteriorating financial, economic, and living conditions, especially after the collapse of the local currency to 100,000 Lebanese pounds per dollar," Berri said on Wednesday.

Berri reaffirmed that "electing a President for the republic is the key to the solution that paves the way for recovery".

He added that "Lebanon possesses all the required elements to recover from its crises, and this depends on sincere intentions and the awareness that Lebanon is too small to be divided while the only option to approach all issues is through dialogue and consensus".

Lebanon witnessed a political vacuum since November 1, when the term of former President Michel Aoun ended and following the failure of the Lebanese parliament to elect a new President due to a lack of consensus among different political parties, Xinhua news agency reported.

Lebanon needs to elect a new President and form a new cabinet capable of implementing structural reforms to put the country on the path of recovery.