Lebanon’s government is considering using its substantial gold reserves to address the country’s severe economic difficulties, including compensating depositors whose savings were lost in the financial crisis that began in 2019. Despite its gold stockpile of 286 tons being one of the largest in the Middle East, Lebanon faces immense financial challenges stemming from persistent inflation and a lack of reforms, with the economy further weakened by a costly war in 2024. The debate over utilizing this gold is colored by past decisions to leave the reserves untouched and current concerns that doing so without significant systemic reform might not resolve the underlying fiscal issues. Among citizens, there is a growing trend of purchasing gold as a safe haven, reflecting both a lack of trust in the banking system and cultural traditions valuing gold as a hedge against economic instability.
Lebanese Central Bank debates tapping 286 tons of gold to aid economy
