Auditors from Syria's interim government have revealed that the country's central bank holds 26 tons of gold, valued at approximately $2.2 billion, while facing a shortage of foreign cash reserves, according to a report by Reuters.
Four sources familiar with the accounting efforts told the news outlet that despite civilian looting during last week's capture of Damascus by insurgent fighters, the vault containing the bullion and other international funds remained intact.
While the gold inventory matched the figures reported by Bashar al-Assad’s previous regime in 2011, foreign currency holdings were indicated to be around $200 million, a significant decrease from the $18.5 billion the country was estimated to have by the International Monetary Fund in 2010.
The officials noted the significant drop in assets is thought to be connected to al-Assad’s need to cover the costs of food, fuel, and military operations throughout Syria’s 13-year civil war. Liquidity issues were further worsened by Western sanctions and the control over the territory’s oil-rich eastern regions by Kurdish rebels.
The revelations come after statements made on Sunday by Geir Pedersen, the United Nations Special Envoy for Syria, who urged the lifting of all financial restrictions on the war-torn nation as an essential step to support its democratic transition.
The European Union and the United States are still evaluating the prospect of Syria’s economic normalization, largely due to concerns about the actions of the leading opposition group, Hayat Tahrir al-Sham. This Islamist organization, once affiliated with al-Qaeda and ISIS, is commanded by Abu Mohammad al-Golani, who fought U.S. forces in Iraq and currently has a Washington-issued $10 million bounty on his head.
