BlockBeats News, February 23 — According to the Financial Times of the UK, bankers and politicians in Lebanon are considering selling or leasing part of the central bank’s massive gold reserves as a way to save the country’s economy. The value of these gold reserves has soared along with gold prices.
Lebanon’s central bank holds over 280 tons of gold, second only to Saudi Arabia in the Middle East. For a small country, this is quite rare. The bank began accumulating gold reserves in the 1940s and 1950s to support the value of the Lebanese currency. Since 2019, Lebanon has been plagued by an economic collapse, but parties have failed to reach a consensus on a solution.
However, selling the country’s accumulated gold reserves has faced strong opposition from the public, who see it as a temporary measure benefiting a few at the expense of the majority.
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