Lebanon’s Central Bank Completed An Independent Audit Of Its Gold Reserves Per IMF’s Request

PublicDomainPictures/Pixabay | Banque du Liban

Lebanon’s Central Bank (BDL) said in a statement on Thursday that it has completed an audit of its gold reserves at the request of the International Monetary Fund (IMF) and found the amount was identical to the amounts mentioned in its balance sheets.

The statement added that this process was carried out by a professional and international auditing firm to enhance transparency in the assets of the Banque du Liban.

Lebanon previously signed a draft agreement with the IMF for a $3 billion bailout that requires the Lebanese government to implement needed reforms, including an audit of BDL foreign assets, which includes gold.

Back in April 2022, BDL’s governor Riad Salameh told Egypt’s Middle East News Agency that the Central Bank had an estimated value of $17.5 billion (286 tonnes) of gold reserves at the end of February, highlighting that Lebanon’s reserves amount to the 2nd largest in the region.

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