Lebanon considers selling gold reserves to cope with economic crisis

On February 23rd, according to the Financial Times, Lebanese bankers and politicians are discussing selling or renting out some of the central bank's gold reserves to alleviate economic difficulties. The Lebanese central bank holds over 280 tons of gold, second only to Saudi Arabia and the second largest in the Middle East region. These gold reserves have been accumulating since the 1940s and 1950s to support the value of currency. Since 2019, the Lebanese economy has continued to collapse, but a solution has yet to be reached. The proposal to sell gold reserves has been strongly opposed by the public, who believe it would harm the interests of the majority.