The headquarters of the central bank in Beirut. (Credit: Mohammad Yassin/L'Orient Today)
The debate over selling Banque du Liban (BDL, central bank)’s gold reserve — rekindled in recent months with the drafting of the Financial Restructuring and the Restitution of Deposits draft Law that leaves its use deliberately vague — resurfaced last week in an unexpected way. The International Monetary Fund (IMF) mission discussed selling part of the gold reserve and reinvesting the proceeds in income-generating financial instruments as one of the possible options. More on this Financial gap law: Option to reimburse depositors with Lebanon's gold reserves on the table Priority to deposits or reconstruction?This highly political domestic debate shows the different stances. Circles close to President Joseph Aoun said he would not oppose a partial use of the gold, as long as it rests on a national consensus. Prime Minister Nawaf...
The debate over selling Banque du Liban (BDL, central bank)’s gold reserve — rekindled in recent months with the drafting of the Financial Restructuring and the Restitution of Deposits draft Law that leaves its use deliberately vague — resurfaced last week in an unexpected way. The International Monetary Fund (IMF) mission discussed selling part of the gold reserve and reinvesting the proceeds in income-generating financial instruments as one of the possible options. More on this Financial gap law: Option to reimburse depositors with Lebanon's gold reserves on the table Priority to deposits or reconstruction?This highly political domestic debate shows the different stances. Circles close to President Joseph Aoun said he would not oppose a partial use of the gold, as long as it rests on a national consensus. Prime Minister...
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