The management of Lebanon’s gold reserves has moved to the center of political and economic debate in recent weeks, after their value climbed to nearly $50 billion as global gold prices surged to historic highs above $5,000 an ounce before easing back.

Lebanon holds about 286.8 tons of gold—roughly 9.25 million ounces—placing it among the world’s top holders of gold reserves. The stockpile is valued at approximately $45.6 billion, an unusually large figure relative to the country’s gross domestic product of about $35 billion.

But beyond the political arguments, a fundamental question remains: can Lebanon legally and constitutionally tap those reserves?

Banking risk expert Dr. Mohammad Fheili noted in an interview with Kataeb.org that a law passed during the presidency of former President Amine Gemayel explicitly bars any disposal of the gold unless authorized by parliament.

Even if political consensus were reached, Fheili questioned whether the gold could realistically be used to help restore bank deposits, or whether it could be leveraged in other ways without being sold.

“The real concern is who would decide how to use the gold: statesmen or politicians?” Fheili said. “Lebanon has received large amounts of liquidity in the past, from Paris I to Paris II conferences, and later nearly $1.39 billion in Special Drawing Rights from the International Monetary Fund. All of that money vanished, and we still don’t know how it was spent, even though it was meant to strengthen foreign currency reserves at a time when Lebanon desperately needed them.”

He described the gold reserves as the last safeguard for both the country and its citizens—“a rainy-day fund”—and said any decision regarding them must be carefully designed to serve the national interest.

Fheili warned that the political class has shown little sign of changing its habits, despite the presence of new leadership in the presidency and the premiership.

“I fear the gold reserves could be squandered the same way previous funds were used to satisfy political interests rather than to support a clear and credible economic recovery plan,” he said.

He insisted that the gold must remain a strategic reserve and not be turned into “an ATM for politicians” who have yet to prove they can manage Lebanon’s wealth responsibly. The ongoing hardship faced by depositors since the 2019 financial collapse, he added, is clear evidence that no serious steps have been taken to correct the country’s course.