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Syria Retains $2.2 Billion in Gold Reserves as Assad Flees to Russia

Dec 16, 2024, 05:46 PM

Syria's Central Bank retains nearly 26 tons of gold reserves, valued at approximately $2.2 billion at current market prices, inside its vaults, according to sources cited by Reuters. This amount of gold is the same as it was at the start of the Syrian civil war in 2011. The bank also holds around $200 million in U.S. dollar reserves in cash. The gold reserves have remained untouched, while the country's foreign exchange reserves have significantly dwindled from $18.5 billion in 2010 to about $200 million, largely due to the regime's use of these funds to finance food, fuel, and the war effort. Syria has ceased sharing financial information with international bodies like the IMF and World Bank since the onset of the civil war. Following the fall of Bashar al-Assad's regime, parts of the central bank were looted by attackers who took Syrian pounds with them, but the main vault, which requires three keys held by different individuals and a code to open, remained secure. The new administration, led by former rebels, is currently assessing the country's assets after Assad fled to Russia.