Lebanon is witnessing a demand for buying gold with the continuation of the political and economic crisis, and in light of the banking sector suffering from chronic and complex problems.
And one of the gold dealers told Al-Araby: There is a great demand for buying gold ounces and pounds. This demand is not limited to the local level only, especially since Lebanese expatriates also buy gold from the Lebanese markets in light of the global economic crises.
In turn, Azza Hajj Hassan, an economic writer for Al-Modon, points out that the bankruptcy of the Silicon Valley Bank in the United States created a shock for investors and workers abroad.
The Institute for Market Studies in Lebanon indicates an increase in the import of precious metals in 2022 and in the first months of this year.
Although there are no clear figures yet for the import rate, many agree that the loss of confidence in Lebanese banks and the fluctuation of the real estate market, in addition to the crises facing some international banks, are factors that have made gold a safe haven.
There is no way to save but gold
In this context, the journalist specialized in economic affairs, Mahasin Mursal, believes that the Lebanese no longer have any way to save except to acquire gold in the first place, and then real estate in the second degree.
And she explained in an interview with Al-Araby from Beirut that the more the economic scene worsens, the more the Lebanese rush to buy and store gold.
Mursal, who explained that buying gold from the Lebanese is not a new matter, pointed out that this process was previously limited to villagers, as they were not accustomed to saving in the banking system, but today the matter has extended to urban residents as well.
She pointed out that expatriates used to save in banks and benefit from high interest rates, but after the collapse of the banking sector and the loss of depositors’ money, they resorted to saving by buying gold.
Mursal also talked about the factor of loss of confidence and fear about the future of the banking sector in the world as a whole, which also prompted these expatriates to buy gold.