Lebanon ranks 2nd in the region for gold reserves


According to a recent ranking by Forbes Middle East, Lebanon is the second largest country in the region in terms of gold reserves.

According to the list released on Friday, Saudi Arabia was the country with the largest gold reserves in the region in June 2021, with 323.1 tons of gold accounting for 4.1% of the country’s total foreign exchange reserves.

Lebanon ranked second with its 286.8 tons of gold, which is 43.3% of its total currency reserves – the highest percentage on the top 10 list, placing Algeria in third place (173.6 tons, 18.2 % of total currency reserves).

Lebanon‘s gold reserves remain the second largest in the region, despite its devastating economic crisis that plunged the majority of its population into poverty over the past two years.

However, the same does not apply to the other currency reserves of the crisis country.

According to Forbes, Lebanon’s foreign exchange reserves fell to $ 15.2 billion in the first six months of this year (as of late June).

At the end of 2020, the central bank of Lebanon had a total foreign exchange reserve of 18.6 billion US dollars.

In March, Lebanon ranked 20th in global gold reserves in the World Gold Council’s report on the subject.

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