Gold ingots. (Credit: val-eric-go/Bigstock)
It’s become a phenomenon surprising yet obvious over the past few months: Exchange shops offering gold to customers are proliferating in Lebanon.According to the Syndicate of Money Exchangers in Lebanon, “The business of legal moneychangers has always included gold and silver, within the limits of the ceilings legally defined by Law no. 347 of 2001. Yet, this has become more prominent recently due to the high demand linked to the risk of regional war and the financial crisis raging in Lebanon for nearly five years.”Three billion in four yearsThe Lebanese Customs Administration’s figures showed that Lebanon imported $4.37 billion worth of gold — including ingots, ounces and coins — and exported $2.1 billion in 2020-2023. Read also: Economic news recap: Here’s what happened last week in Lebanon The trade net balance, namely $2.2...
It’s become a phenomenon surprising yet obvious over the past few months: Exchange shops offering gold to customers are proliferating in Lebanon.According to the Syndicate of Money Exchangers in Lebanon, “The business of legal moneychangers has always included gold and silver, within the limits of the ceilings legally defined by Law no. 347 of 2001. Yet, this has become more prominent recently due to the high demand linked to the risk of regional war and the financial crisis raging in Lebanon for nearly five years.”Three billion in four yearsThe Lebanese Customs Administration’s figures showed that Lebanon imported $4.37 billion worth of gold — including ingots, ounces and coins — and exported $2.1 billion in 2020-2023. Read also: Economic news recap: Here’s what happened last week in Lebanon The trade net balance,...
