How did Salameh claim that Lebanon has $15 billion in reserves?

Lebanon Economy
20-02-2023 | 08:06
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How did Salameh claim that Lebanon has $15 billion in reserves?
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How did Salameh claim that Lebanon has $15 billion in reserves?

The Banque du Liban governor, Riad Salameh, surprised the Lebanese when he told them in an interview that the reserves of BDL amounted to $15 billion, excluding gold, which he estimated at $17 billion.

The Governor of the Banque du Liban, Riad Salameh, surprised the Lebanese when he told them that the reserves of the Banque du Liban amounted to $15 billion, excluding gold, which he estimated at $17 billion.

Questions began about the source of the nearly $5 billion that the ruler added to the declared reserve figure, which is $9.980 billion.

Those familiar with the financial reality of the Banque du Liban said that these 5 billion are part of the mandatory reserve of about 15 billion dollars for deposits amounting to about 100 billion dollars, 10 of which are outside Lebanon and can be disposed of in cash, and 5 billion are inside Lebanon and can only be disposed of through cheques.

Regarding the gold reserves, some sources call for benefiting from this reserve, provided that its revenues are used in the appropriate place and transparently by reliable authorities. These sources said that the gold reserves exist for use in difficult circumstances. After forming a reliable authority, Lebanon can mortgage some of this gold for the money the country needs to restart the economy and recover monetarily.

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