Salameh said Friday that Lebanon remains the second largest holder of gold reserves in the Arab region. (Credit: NNA)
BEIRUT – Central Bank Governor Riad Salameh confirmed Friday that “the bank's gold reserves amounted to $ 17.547 billion at the end of last February, so Lebanon maintains its position as the second largest holder of gold reserves in the Arab region, estimated at about 286 tons.”
Here’s what we know:
• In an exclusive statement to the Middle East News Agency, Salameh said that “The total cash reserves of foreign currencies amounted to $12 billion and 748 million until the end of last February.”
• He added that the volume of Banque du Liban’s stock portfolio “until the end of last February [amounted] to just over $4 billion ($4,197,000,000), which included Eurobonds, a slight increase from last January.”
• He explained that “the remittances of the Lebanese working abroad amounted to about $6,400,000,000 for 2021.” He pointed out that the contraction of Lebanon’s financial sector is being addressed in the recovery plan being prepared by the Lebanese government in cooperation with the International Monetary Fund, praising the “initial agreement that was achieved between the Lebanese government and the fund yesterday.”
• The IMF issued a statement Thursday saying that Lebanon could be supported by a 46-month fund arrangement with a requested access to $3 billion.
• Salemeh stressed that what was circulated about the “bankruptcy of the Central Bank is incorrect.”