by Ronan Manly, BullionStar:
With claimed gold reserves of 286 tonnes, Lebanon’s central bank – Banque du Liban – trumpets itself as being one of the Middle East’s largest sovereign gold holders. In fact, on a regional basis, only the claimed gold reserves of Saudi Arabia are larger.
Indeed, Banque du Liban governor Riad Salameh, made this very claim as recently as 8 April 2022 to Egypt’s Middle East News Agency (MENA), saying that Lebanon has the second largest gold reserves across the Middle East and North Africa.
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However, what Salameh didn’t mention in his interview is that the portion of Lebanon’s gold claimed to be held in Beirut has not been audited for at least 30 years or even longer, nor did he clarify anything about the remainder of Lebanon’s gold which is said (by a media narrative) to be held in the basement gold
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