Lebanon will keep its gold reserves, and banking laws

Lebanese Prime Minister Salim al-Hoss has asserted that his country will not give up its gold reserves estimated at 9.222 million ounces as well as the "banking secret law" adopted in Lebanon since 1956.

In an intervention upon discussing the Lebanese state budget for 1999 at the Lebanese Parliament, al-Hoss said that the Government has no intention to deal with Gold deposits because it believes, "Gold is the main pillar for having confidence in the Lebanese economy." Al-Hoss added that it is also not the intention of the government at the present or in the future to touch upon the banking secrecy law, which he said is among the elements for an active banking sector.

The assertions made by the Lebanese premier came in reply to a proposal made by the governor of the Bank of Lebanon, Riyadh Salamah, and several Lebanese parliamentarians on the possibility of Lebanon's using its gold reserves and lifting secrecy in the banks.