Source: Kataeb.org
Sunday 10 December 2023 12:11:48
The annual rise in gold reserve accounts, surpassing 2.5 billion dollars, and reaching 18.8 billion dollars as per the latest data from the Central Bank's budget "frozen" at the end of the previous month, underscores the significant significance of incorporating this balance into the overall foreign exchange reserves. This is particularly noteworthy when considering the country's GDP, which falls below this threshold.
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.