Central Bank of Syria's Gold Reserves Remain Steady Amid Economic Turmoil
The Central Bank of Syria reportedly holds approximately 26 tons of gold reserves, a figure that has remained unchanged since the onset of the civil war in 2011. This information was confirmed by multiple sources to Reuters, highlighting the resilience of these gold reserves despite the ongoing economic challenges facing the country. The value of these reserves is estimated at around $2.2 billion based on current market prices.
However, the situation regarding Syria's foreign currency reserves paints a starkly different picture. Reports indicate that the Central Bank's cash reserves in foreign currency are around $200 million, a significant decline from pre-war levels. In 2011, the International Monetary Fund (IMF) reported that Syria had foreign reserves totaling $14 billion, a figure that has drastically diminished over the years due to the Assad regime's spending on essential goods and military efforts.
The World Gold Council previously noted that Syria's gold reserves were 25.8 tons as of June 2011, reinforcing the notion that while gold reserves have remained stable, the country's overall financial health has deteriorated significantly. The lack of transparency in financial reporting, particularly after the government's crackdown on protests, has further complicated the situation, as Syria ceased sharing financial data with international institutions like the IMF and World Bank.
