Lebanon Businessnews News

Highest gold reserves in the region
Salameh: "gold reserves grew 43 percent to $10 billion in 2009"
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"The gold reserves rose by more than 43 percent to over $10 billion in 2009,"he said.

Salameh said that the reserves from gold represent a guarantee for the national economy especially with the expected rise in inflation due to liquidity injections and the projected global economic recovery.

“Such a wealth should not be sold especially with of the lack of natural resources,” Salameh said. 

Salameh said that the gold reserves “are the best guarantee against any rise in inflation and it symbolizes a psychological support to stock market investors.” 

The public debt, according to Salameh, remains the biggest burden for the national economy as it touched $50 billion.

He said that the country managed to reduce the  debt to GDP ratio to 150 percent from 180 percent at the end of 2009. 

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Date Posted: Dec 28, 2009