Lebanon holds second-highest gold reserves in MENA amid economic struggles: Forbes Middle East
Thu Aug 22 2024
Lebanon ranked as the second-largest holder of gold reserves in the Middle East and North Africa (MENA) region, with 286.8 tons, according to Forbes Middle East.
Only Saudi Arabia surpasses Lebanon in the region, with gold reserves of 323.1 tons. Algeria follows Lebanon with 173.6 tons, and Iraq ranks fourth with 148.3 tons. Other countries include Libya, Egypt, and Qatar.
Other MENA countries with significant reserves include Syria, which according to World Gold Council's figures, holds 25.8 tons of gold valued at $2.1 billion, ranking 11th among Arab nations.
Globally, the United States leads in gold reserves, holding 8,133.46 tons, making up 72.4 percent of its total reserves.
Germany, Italy, France, and Russia follow in the global ranking. The price of gold recently surged past $2,500 per ounce, driven by a weaker dollar, expectations of US interest rate cuts, and geopolitical tensions.
Central banks worldwide are increasingly purchasing gold to diversify away from the dollar, contributing to record levels of reserves.
In the second quarter, net central bank purchases of gold rose by 6 percent year-on-year, reaching 183 tons.
The approach to reserve management varies among central banks, with most investing in US Treasury bonds, foreign debt instruments, a mix of currencies, and gold. This diversification underscores the global importance of gold as a stable asset in economic uncertainty.
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Source: https://www.lbcgroup.tv/