Lebanon's gold reserves near $19 billion, signifying some 'stability' amid financial turmoil

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2023-12-10 | 01:12
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Lebanon's gold reserves near $19 billion, signifying some 'stability' amid financial turmoil
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Lebanon's gold reserves near $19 billion, signifying some 'stability' amid financial turmoil

The latest financial data from the Central Bank of Lebanon indicates an increase in the value of gold reserves to the threshold of 19 billion dollars, reinforcing the "psychological impact" on the sustainability of monetary stability, approaching around LBP 90,000 per US dollar, a rate that has been consistent for the ninth consecutive month.

This article was originally published in and translated from the Arab outlet of Asharq Al-Awsat.

The increase in gold reserve accounts, exceeding 2.5 billion dollars annually, reaching a level of 18.8 billion dollars according to the latest data from the Central Bank's budget "suspended" at the end of last month, reflects the exceptional importance of including this balance in the total foreign exchange reserves, especially in comparison with the country's GDP, which is below this level. 

According to analyses from international financial institutions, it has declined from its pre-crisis peak of around 54 billion dollars to approximately 16 billion dollars.

The government cannot use this reserve or any part of it despite the ongoing crises and the continuous monetary and financial collapses for the fifth consecutive year due to the issuance of Law No. 42 in 1986, which explicitly prohibits any disposal of gold assets held by the Central Bank of Lebanon or in its account, regardless of the nature or form of this disposal, whether direct or indirect, except by legislative decree issued by the Parliament.
 

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