Lebanese gold reserves largest in MENA region, 15th worldwide

25Apr11

Lebanon’s gold reserve is considered the largest reserve in the Middle East and North Africa (MENA) region and is ranked 15th globally.

Lebanon’s gold reserves totaled $9.2 billion at the end of 2009, ranking it in 15th place globally and in first place among 14 countries in MENA, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.Lebanon accounted for 1.1 percent of the world’s total gold reserves, excluding gold held by the International Monetary Fund and the European Central Bank. It also accounted for 29.2 percent of the MENA region’s total gold reserves.Globally, Lebanon ranked ahead of Spain with $9 billion, Austria with $8.9 billion and Belgium with $7.3 billion, and came behind the UK with $9.9 billion, Venezuela with $11.4 billion and India with $11.5 billion.

As of July the price of Gold is $1,515.00.