How Much Gold Does Libya Have?

How will Libya's new transitional government get the funds to rebuild the war-ravaged nation?

  @MikeObelm.obel@ibtimes.com on August 22 2011 12:40 PM
Muammar Gaddafi
Muammar Gaddafi gestures as he speaks at a Tripoli hotel in this still image from a video REUTERS

Sure, Libya has one of the richest oil reserves in Africa, but it's also got gold ... and lots of it.

Libya is believed to have about $8.69 billion in gold reserves, among the top 25 in the world, and most of it is understood to be held in country, a handy asset for a transitional government that is about to launch the nation's reconstruction.

According to figures from the IMF, Libya holds about 4.6 million ounces. At today's prices that is about $8.69 billion.

Given Libya's relatively small population of about 6 million, that translates into $1,448 per person. But given Col. Gaddafi's experience with international sanctions it also translates into survival.

Now that he has been overthrown, the country's gold reserves could be used to finance oil infrastructure like refineries and pipelines, as well as buildings and maritime facilities.

 

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