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bankingNovember 28, 2022

The Gold is still here shows Central Bank audit

Inspection made upon request of IMF


The Central Bank (BDL) said that an audit of its gold vault located in its premises has shown that its content of gold ingots and coins is completely identical to the entries recorded in its accounting system.

The audit was carried out upon the request of the International Monetary Fund (IMF) and aims to enhance transparency about BDL’s assets, the Central Bank said in a statement.

The audit was conducted by a professional international auditing firm specialized in this field that has been selected and commissioned by BDL’s external auditor in coordination and agreement with the IMF, according to the statement. The $3 billion staff-level agreement between the government and the IMF necessitates the implementation of prior actions that comprise an audit of BDL’s foreign assets including gold.

Total gold reserves, evaluated at market prices, stood at $16.4 billion in mid-November. Around two thirds of these reserves are kept in Lebanon while the remainder is stored at Fort Knox in the United States.

A law passed in 1986 prohibits disposing of gold reserves whether directly or indirectly unless authorized by a legislative text issued by Parliament.

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