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BDL Gold Reserves: 13,000 Bars and 600,000 Coins

This Is Beirut

24 Aug 2023 at 19:44

The Banque du Liban (BDL) has published a summary of the audit report on its gold reserves. The audit was carried out by global auditing firm ALS Inspection UK, commissioned by KPMG in cooperation with the International Monetary Fund (IMF).

The reserves amount to “over 13,000 bars and 600,000 coins. The figures are consistent with and identical to those contained in previously published financial reports,” reads the text.

The purpose of the audit is to verify the materiality and quality of the gold reserves held in the Lebanese institution’s vaults. This audit does not include the 40.2% stored at Fort Knox in the United States. Lebanon’s total gold reserves amount to 286 tonnes or 9.22 million troy ounces (OZT) (1 OZT = 31.1 grams). The value of this gold was estimated at $18 billion at the end of July.

In a statement issued on Thursday, Wassim Mansouri, first Vice-Governor of the Central Bank, said he had authorized ALS Inspection UK to publish a summary of the audit requested by the IMF.