Central Bank of Syria - Gold Reserves

Gold Reserves

Since the outbreak of the Syrian civil war, it has been reported that Syria's gold reserves have been cut in half from the pre-civil war amount of around $17 billion, due to the Syrian government resorting to selling off its reserves as a way of coping with international sanctions. The Governor of the Central Bank of Syria Adib Mayalah has sought to deny these reports. This is similar to how the Syrian government is having to use up its foreign reserves to meet the demands of a budget deficit which has greatly increased to around $6.7 Billion USD.