Lebanon's gold ownership details
The article reviews the status of Lebanon's gold holdings, which number approximately 286 tons and constitute one of the country's most significant financial assets. It affirms that the gold reserve is considered an asset of the Central Bank, recorded in its balance sheet. However, it clarifies that legal and financial policies impose restrictions on the use of this gold, which is allocated to support the ongoing operations of the Central Bank and to settle its direct debts—not for financing the state or other resources. The article emphasizes that the gold ownership is not directly held by the state but by the Central Bank, and its utilization requires adherence to the legal framework that prohibits its sale or pledging except with the approval of the Parliament. This is to maintain the independence of the Central Bank and to safeguard the rights of creditors. Additionally, it highlights the legal challenges and potential repercussions for creditors, especially given the substantial debt owed by both the state and Banque du Liban. Any attempt to use the gold to finance government debts could lead to international legal proceedings. It is also reminded that the state does not have the direct right to exploit this asset arbitrarily.
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