Lebanon has 20th highest level of gold reserves globally, second highest among Arab countries

Economic Research | Lebanon This Week | Lebanon This Week 641 | Lebanon has 20th highest level of gold reserves globally, second highest among Arab countries | Lebanon | Byblos Bank

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Lebanon This Week 641

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Lebanon has 20th highest level of gold reserves globally, second highest among Arab countries

Figures released by the World Gold Council show that Lebanon holds 286.8 tons in gold reserves. As such, Lebanon ranked in 20th place in terms of gold holdings among 96 countries, as well as the International Monetary Fund, the West African Economic Monetary Union, the European Central Bank and the Bank for International Settlements. It also ranked in eighth place among 66 non-OECD countries and in second place among 15 Arab countries included in the survey. The World Gold Council compiled the data from the International Monetary Fund's International Financial Statistics. The figures are two months in arrears, which means that gold holdings are reported for May 2020 for most countries, and for April 2020 or earlier for countries with delayed reporting.

Globally, Lebanon had more gold reserves than Spain (281.6 tons), Austria (280 tons) and Poland (228.6 tons); while it held fewer reserves than Uzbekistan (342.8 tons), Saudi Arabia (323.1 tons) and the United Kingdom (310.3 tons). Also, Lebanon held more gold than Poland and less than Saudi Arabia among non-OECD countries. The United States is the top holder of gold in the world with 8,133.5 tons, while Haiti ranks in last place with 1.8 tons in gold reserves. Lebanon's gold holdings accounted for about 21.5% of the Arab region's aggregate gold reserves, for nearly 3.1% of the holdings of non-OECD countries and for about 0.8% of global gold reserves. 

Further, the value of Lebanon's gold reserves was $15.94bn at the end of May 2020, based on a price of $1,728.7 per troy ounce as published by the London Bullion Market Association.

In addition, Lebanon's gold holdings were equivalent to 31.1% of the country's official assets in foreign currency plus gold reserves as of May 2020, which ranked Lebanon in 21st place globally, in 11th place among non-OECD countries and in first place among Arab countries. Globally, Lebanon's share of gold reserves out of its official foreign assets is higher than that of the European Central Bank (31%), the Kyrgyz Republic (25.7%), and Finland (23.7%); while it is smaller than the share of Turkey (36.4%), Mongolia (34.7%), and Belarus (34.6%). Also, Lebanon's share of gold holdings out of its official foreign assets is higher than the share of the Kyrgyz Republic and lower than that of Belarus among non-OECD countries. The gold reserves of Venezuela are equivalent to 82.3% of its total foreign exchange reserves, the highest share in the world, while Hong Kong's gold holdings account for 0.03% of its total foreign assets, the lowest such share globally.
 
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