In Lebanon, which is on the verge of economic collapse, the sale of part of its 280-ton gold reserves has come onto the agenda. While officials argue that such a move could provide short-term liquidity, experts warn of potential long-term risks.
As the deepening economic crisis continues, Lebanon has effectively joined the ranks of financially bankrupt countries. Government officials and financial circles have opened discussions on selling a portion of the gold reserves held in the vaults of the country’s central bank. Since 2019, the Lebanese lira has lost more than 90% of its value, and citizens’ access to foreign currency deposits in banks has been largely restricted.
282 Tons of Gold Reserves
Banque du Liban (BDL) holds more than 280 tons of gold reserves. Valued at approximately $45 billion, this stockpile makes Lebanon the second-largest gold holder in the region after Saudi Arabia.
Some politicians and bankers believe that selling gold could help ease the current financial squeeze. However, several economists are approaching the option with caution. Experts note that while a potential sale could provide short-term liquidity, its long-term impact on financial stability remains uncertain.
Parliamentary Approval Required for Sale
Under a 1986 law, the sale of gold reserves requires special approval from parliament. Therefore, such a step is expected to be considered within the framework of a potential financial assistance program with the International Monetary Fund (IMF).
Sources at the Ministry of Finance emphasize that gold constitutes a significant public asset and stress that any decision to sell must be made with the public interest in mind.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök