Lebanon Ranks 2nd In The Region For Gold Reserves

Lebanon Ranks 2nd In The Region For Gold Reserves
Pixabay/djedj

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

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

Lebanon came in second with its 286.8 tons of gold, which represent 43.3% of its total foreign reserves — the highest percentage on the top-10 list that places Algeria third (173.6 tons, 18.2% of total foreign reserves).

Lebanon’s gold reserves remain the second-largest in the region despite its crippling economic crisis that has plunged the majority of its population into poverty over the past two years.

The same cannot be said about the crisis-ridden country’s other foreign reserves, however.

Lebanon’s foreign currency reserves plummeted to $15.2 billion (as of the end of June) in the first six months of the current year, a decline of 18.4%, according to Forbes.

At the end of 2020, the Central Bank of Lebanon had a total reserve of foreign currency worth $18.6 billion.

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


Our team works tirelessly to ensure Lebanese people have a reliable alternative to the politically-backed media outlets with their heavily-funded and dangerous propaganda machines. We've been detained, faced nonstop cyber attacks, censorship, attempted kidnapping, physical intimidation, and frivolous lawsuits draining our resources. Financial support from our readers keeps us fighting on your behalf. If you are financially able, please consider supporting The961's work. Support The961. Make a contribution now.

Lebanon Ranks 2nd In The Region For Gold Reserves

Share this article with your friends!

Not now
Share via
Don\'t Miss Out!