In a recent report released by the Libyan Centre for Building Indicators, Libya has emerged as a significant player in terms of gold reserves, securing the fourth position in Africa and the sixth in the Arab world. The report highlights Libya's strategic position in the global gold market, shedding light on the nation's growing economic influence.
According to the findings, gold constitutes approximately 10.43% of Libya's total reserves held by the Central Bank. The nation boasts an impressive 116.6 tonnes of gold reserves, with recent acquisitions amounting to around 30 tonnes, showcasing a proactive approach towards strengthening its financial assets.
Across the Arab world, gold reserves are estimated at a substantial 15,300 tonnes, contributing significantly to the global total of 35,927 tonnes. Notably, Arab central banks collectively acquired 54.8 tonnes of gold in 2023, with Libya's Central Bank leading the pack with 30 tonnes, followed closely by the Central Bank of Iraq with 12.3 tonnes.
On a global scale, the United States maintains its stronghold as the largest holder of gold reserves, boasting over 813 tonnes. Germany and Italy followed suit, underscoring the enduring value placed on gold reserves by nations worldwide.
The Libyan Centre for Building Indicators emphasizes the importance of gold in central bank reserves, citing its attributes of safety, liquidity, and profitability. It's noted that central banks worldwide collectively possess approximately one-fifth of all gold ever extracted, highlighting the enduring appeal and significance of this precious metal in the realm of global finance.
Libya's ascent in gold reserves not only underscores its economic resilience but also positions the nation as a key player in shaping the future of the African and Arab economies.