Syria’s Central Bank Reserves: Gold Holds Strong Amid Economic Collapse

Despite the ongoing chaos and the fall of Bashar al-Assad's regime, Syria's central bank has managed to maintain its gold reserves, holding nearly 26 tons of gold—the same amount it possessed at the start of the civil war in 2011. This gold is worth approximately $2.2 billion at current market prices. However, the bank's foreign currency reserves, particularly in US dollars, have dramatically dwindled.

As of 2024, Syria's foreign reserves have fallen from $14 billion in 2011 to just $200 million in cash, a stark contrast to the nation's earlier financial standing. The significant decline is due to the regime using the dollar reserves to fund basic needs like food, fuel, and military operations during the war. The IMF, which once tracked Syria's financial health, ceased monitoring the country after the Assad regime's violent crackdown on protests in 2011.

While the gold reserves remain intact, the country’s economic situation is dire, compounded by strict international sanctions and the loss of vital oil revenue following the seizure of oil fields by Kurdish and rebel groups. The Syrian pound has depreciated sharply, from 50 pounds per dollar pre-war to a staggering 12,500 pounds per dollar.

After Assad's fall in December 2024, Syria’s new administration, led by former rebels, has begun the process of rebuilding, with efforts to regain control over state institutions and revitalize the country’s economy. This includes discussions about lifting international sanctions to facilitate recovery. However, global officials are cautious, watching the formation of Syria's new government before considering any changes to sanctions.