Lebanese gold, a new sticking point in IMF negotiations

Talks between Lebanon and the International Monetary Fund (IMF) are once again stumbling over fundamental issues. Beyond already well-known disagreements on the distribution of losses or the restructuring of the banking sector, a new topic has emerged in recent days: the valuation of the Banque du Liban's (BDL, central bank) gold reserves.This is a highly technical debate, but one that may have decisive implications for the timetable of returning bank deposits to customers.The tensions that repeatedly flare up between Beirut and the IMF are not at all surprising. Since negotiations began in 2020, every stage of the process has led to new points of friction, as different documents are reviewed and the necessary financial trade-offs are made.The latest round of discussions, focused on amendments demanded by the Fund to the draft law on...