Economic Research | Lebanon This Week | Lebanon This Week 547 | Lebanon has 18th highest level of gold reserves globally, second highest among Arab countries | Lebanon | Byblos Bank

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Byblos Bank

Lebanon This Week 547

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Lebanon has 18th highest level of gold reserves globally, second highest among Arab countries

Figures released by the World Gold Council show that Lebanon held 286.8 tons in gold reserves at the end of June 2018. As such, Lebanon ranked in 18th 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 seventh place among 66 non-OECD countries and in second place among 15 Arab countries included in the survey. Globally, Lebanon had more gold reserves than Spain (281.6 tons), Austria (280 tons) and Turkey (240.2 tons); while it held fewer reserves than Saudi Arabia (323.1 tons), Kazakhstan (321.8 tons) and the United Kingdom (310.3 tons). Also, Lebanon ranked ahead of the Philippines (196.4 tons) and behind Kazakhstan among non-OECD countries. The United States is the top holder of gold in the world with 8,133.5 tons, while Suriname came in last place with 1.1 tons in gold reserves.

The value of Lebanon's gold reserves was $10.5bn at the end of June 2018, based on a price of $1,250.45 per troy ounce as published by the London Bullion Market Association. The value of Lebanon's gold holdings accounted for 22.3% of the Arab region's aggregate gold reserves, for 3.6% of the holdings of non-OECD countries and for 0.9% of global gold reserves at end-June 2018.

Further, Lebanon's gold holdings were equivalent to 20.8% of the country's official assets in foreign currency plus gold reserves at the end of June 2018, which ranked Lebanon in 18th place globally, in seventh 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 Finland (19.3%), Pakistan (18.2%) and Bolivia (17.7%); while it is smaller than that of Belarus (27.4%), Curacao & St. Maarten (26.8%) and the European Central Bank (26.2%). Also, Lebanon's share of gold holdings out of its official foreign assets is higher than that of Pakistan and lower than that of Curacao & St. Maarten among non-OECD countries.