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BEIRUT, Nov 24 (Reuters) – Lebanon’s central financial institution has accomplished an audit of its gold reserves on the request of the Worldwide Financial Fund that discovered the quantity of gold in its vaults was an identical to the quantities talked about in its steadiness sheets, a financial institution assertion stated.
Lebanon reached a staff-level settlement with the IMF in April for a $3 billion programme that requires Lebanon to fulfil a lot of prior actions, together with an audit of the central financial institution’s international asset place, which incorporates gold.
An IMF deal is extensively seen as the one method for Lebanon to start exiting one of many world’s most extreme financial crises, now in its fourth 12 months.
The central financial institution assertion stated the impartial audit, carried out by “a specialised {and professional} worldwide auditing agency”, was geared toward enhancing transparency on the central financial institution.
“It turned clear to this firm that the gold belongings of the central financial institution (ingots and cash) corresponds fully, in amount and high quality, to the entries recorded within the accounting information of the central financial institution,” the assertion stated.
A spokesperson for the central financial institution stated they weren’t capable of present Reuters with a duplicate of the audit report, and stated they have been unaware which firm had carried out the audit.
Reporting by Timour Azhari; Enhancing by Alex Richardson
Our Requirements: The Thomson Reuters Belief Ideas.
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