The idea of using Lebanon’s gold reserves to resolve the country’s financial crisis is “unacceptable,” according to Wassim Mansouri, the interim chief of Lebanon’s Central Bank. 

In an interview with Nidaa Al-Watan newspaper, Mansouri emphasized that Lebanon’s gold reserves should not be used as a quick fix for the country’s economic troubles. He explained that when he took over as head of the Central Bank, the country’s reserves had dwindled significantly, losing more than one and a half times the value of gold without yielding tangible results.

“In October 2019, the Central Bank’s reserves were $33 billion, and the value of gold at that time was about $16 billion,” he stated. “We used these funds for subsidies, but we didn’t achieve any long-term solution. The idea of using gold now is simply not an option.”

Mansouri stressed that any use of gold reserves would require approval from the Lebanese Parliament, and would only be considered after substantial financial reforms have been implemented. He insisted that before any request is made to use Lebanon’s gold, the government must explain how and why such a move is necessary.

“I can’t simply ask the Parliament to use the gold reserves,” Mansouri said. “If we’re going to use the gold, we need to first provide a clear explanation and a strategy. How can the government ask for these resources if it hasn’t made the necessary reforms or reached an agreement with international financial bodies, like the International Monetary Fund (IMF)?”

Mansouri firmly believes that Lebanon’s financial recovery hinges on meaningful structural reforms and a formal agreement with the IMF.

“An agreement with the IMF is not optional; it’s mandatory,” he said. “Anyone who thinks Lebanon can exit the global financial system without consequences is mistaken.”

According to Mansouri, Lebanon must engage in proper negotiations to secure a deal with the IMF that is in the nation’s best interest.

“We must negotiate intelligently to ensure the deal benefits Lebanon, the depositors, the banks, the Central Bank, and the government,” he said. “If we implement the necessary reforms, Lebanon will find that it doesn’t need to use its gold reserves.”

While Mansouri ruled out using the gold reserves for immediate relief, he did reveal that the Central Bank had received offers from global financial institutions—particularly American banks—to invest in Lebanon’s gold held in the United States. This gold, which constitutes about one-third of Lebanon’s total reserves, could generate returns while keeping Lebanon’s ownership intact and minimizing risks.

However, any such investment would require an amendment to Lebanese law, which could only be passed by the Parliament. Mansouri made it clear that the decision would not be made unilaterally by the Central Bank.

For the gold reserves held within Lebanon, Mansouri shared that a professional assessment is being conducted to determine their true value. He explained that some of the gold bars are rare, no longer produced, and therefore more valuable than initially estimated.

"The actual value of the gold could increase by 10% or even 100% in some cases," he said, noting that a thorough study is being carried out to assess the reserves' full potential.

When asked whether his stance against using gold might indicate a lack of trust in the government or the Central Bank, Mansouri responded firmly. He explained that the $10.749 billion in reserves currently held by the Central Bank is managed with the utmost care and strict conditions.

“I’ve completely halted funding to the state. The $10.749 billion in reserves is not touched unless absolutely necessary,” Mansouri clarified. “This amount is significant, and we don’t need to turn to gold while we have liquid reserves like this. Why not negotiate with me to use these reserves to help depositors, improve the banking sector, and build a stable economy before we consider using the gold?”

Despite Lebanon’s severe economic challenges, Mansouri remained hopeful about the country's potential. He insisted that Lebanon is not a poor or bankrupt country, but rather a nation with untapped economic resources.

“Lebanon has considerable economic strengths, and if we leverage these untapped assets, we can envision a brighter future for the Lebanese economy,” he said.

Mansouri's vision for Lebanon’s future hinges on structural reforms, international cooperation, and a clear commitment to rebuilding trust in the country’s financial system.

“Any action taken will be done transparently, with the goal of restoring Lebanon’s economic stability and long-term prosperity,” he assured.