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Lebanon has $12bn of gold, 'won't buy or sell'

Beirut, October 27, 2010

Lebanon, which has gold reserves worth nearly $12 billion, has no intention of buying or selling the precious metal, the central bank governor said.

Riad Salameh told Reuters that the bank's stocks made it the second biggest holder of gold in the Middle East and North Africa, and that maintaining those reserves was important to preserving confidence in the Lebanese pound.

'Lebanon will sit on its gold. We don't have the intention of doing any trading on the gold,' he said in an interview.

'...The market perceives the stock of gold that the central bank has (is) a major backing for the currency and it will hurt confidence if we're active in the market of gold, whether selling or buying.'

'...In a world where you could see major crises, the payment instrument of last resort is gold - especially for a country like Lebanon that doesn't have natural resources,' Salameh said.-Reuters




Tags: economy | lebanon | gold reserves |

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