Despite The Fallout, Syria Retains 26 Tons Of Gold Reserves Post-Assad. List Of Top 13 Countries With Highest Gold Reserves In 2024

Syria, a nation ravaged by over a decade of brutal civil war, holds onto a significant financial asset—gold reserves—despite the chaotic fall of Bashar al-Assad’s despotic regime.

This figure, as reported by sources familiar with the situation, reflects the amount of gold the country’s central bank had at the onset of the war in 2011, when the conflict erupted in the wake of Assad’s crackdown on pro-democracy protests. Despite the devastation and turmoil, Syria’s central bank still holds these 26 tons of gold, valued at approximately $2.2 billion at current market prices. However, the country’s foreign currency reserves have taken a substantial hit.

The central bank now holds only around $200 million in foreign currency reserves, with dollar reserves reported to be in the “hundreds of millions,” a sharp contrast to the $14 billion in foreign reserves Syria reported at the end of 2011.

In 2010, Syria’s foreign reserves stood at a healthy $18.5 billion, according to the International Monetary Fund (IMF).
The decline in foreign reserves is attributed to the regime’s increasing use of these funds to finance food, fuel, and Assad’s war effort. The economic consequences of this depletion are severe, with Syria’s foreign reserves now barely enough to sustain basic imports or stabilize its currency.

In a country where foreign exchange reserves were once a critical buffer, the fall of Assad’s regime has led to the evaporation of many financial assets.

Following Assad’s departure for Russia on December 8, 2024, Syria’s new government, led by former rebel groups, is now taking stock of the country’s remaining assets.

The central bank’s vault, which contains the gold reserves, remains largely intact. Although looters briefly gained access to parts of the central bank and took Syrian pounds, they did not breach the main vault, which is designed to be bomb-proof and requires three keys, each held by a different person, along with a combination code to be accessed.

Syria’s Central Bank Reopens

The central bank of Syria, located in a broad white building in the heart of Damascus, reopened its doors on Sunday, marking the first day of the working week in the country. The building, which had been closed for much of the ongoing civil war, was once again teeming with employees and individuals seeking access to U.S. dollars, as well as others carrying sacks full of Syrian pounds.

Despite its meager foreign currency reserves, Syria’s central bank still maintains a significant stock of local currency, valued in the hundreds of millions of dollars.

Syria lost its primary source of foreign income—crude oil—when Kurdish fighters and other armed groups took control of the oil fields in the country’s eastern regions. This loss, coupled with harsh Western sanctions, has left Syria struggling to replenish its reserves.
The U.S. has imposed sanctions on Syria’s central bank and blacklisted several of its governors, further complicating the country’s economic recovery.

While Syria’s foreign currency reserves have dwindled, one crucial asset has remained untouched – gold.

According to sources familiar with the situation, Syria’s central bank has not liquidated its gold reserves, which remain essential for maintaining the value of the Syrian pound. The gold reserves serve as collateral to stabilize the currency in the face of rampant depreciation. The Syrian pound, which was valued at around 50 pounds per dollar before the war, now stands at approximately 12,500 pounds per dollar as of Monday.

The new administration, which took control after Bashar al-Assad’s fall, has called for the lifting of international sanctions to revitalize Syria’s economy. They also seek to rebuild the war-torn country and encourage the return of millions of Syrian refugees who have fled to neighboring countries. However, U.S. and European officials have expressed caution, stating that they will monitor the policies of the new administration before deciding on lifting sanctions.

While, Syria’s economic future remains uncertain, but its gold reserves, which have remained largely intact, could play a critical role in stabilizing the country’s financial system in the coming years.

The Value Of Gold Reserves

Gold reserves play a vital role in ensuring a nation’s economic stability, acting as a safeguard against currency fluctuations and financial crises. Maintained by central banks, these reserves serve as a store of value and reflect a country’s commitment to sound monetary policies.

But what exactly are gold reserves?

Gold reserves refer to the quantity of gold held by a central bank or government as a financial asset. These reserves can stabilize a country’s currency and provide security during periods of economic uncertainty. Historically, many nations tied their currency’s value to a fixed amount of gold, which required them to maintain large gold reserves to back their money supply.

For instance, the United States began accumulating significant gold reserves in the late 19th century. The Gold Reserve Act of 1934 transferred gold ownership from private individuals to the US Treasury, substantially increasing the nation’s reserves.

According to the World Gold Council, the United States holds the largest gold reserves, almost equaling the combined holdings of France, Italy, and Germany.

Here is the list of the top 13 countries with the highest gold reserves in 2024, based on the latest data from the World Gold Council.

1. United States

The United States leads the world with 8,133.46 tonnes of gold reserves, valued at approximately $687.73 billion.
This accounts for a significant 74.16% of its total reserves.

The US’s gold reserves are mainly held at Fort Knox, the Denver Mint, and the West Point Bullion Depository. America’s gold holdings reflect its historical and economic dominance, reinforcing the US dollar’s role as the world’s reserve currency. Even after transitioning to a fiat currency system, these reserves act as a hedge against economic downturns, securing the country’s economic resilience.

2. Germany

Germany holds the second-largest gold reserves globally, with 3,351.53 tonnes, valued at $283.39 billion, representing 73.54% of its total reserves.
These reserves are spread across New York, London, and Frankfurt, ensuring security and liquidity.

Germany’s gold accumulation is rooted in lessons learned from the hyperinflation crisis of the 1920s. The country’s strong industrial economy and fiscal discipline have allowed it to maintain substantial gold holdings, reflecting its conservative monetary policy and financial stability.

3. Italy

Italy ranks third with 2,451.84 tonnes of gold, valued at $207.32 billion, constituting 70.26% of its total reserves.
The Italian central bank, Banca d’Italia, manages these reserves, which are stored in Rome and other secure international locations.

Gold has played a crucial role in Italy’s financial strategy, particularly as a buffer against inflation and a symbol of monetary stability. Italy’s gold reserves provide a foundation of trust in the global financial markets and support the country’s commitments within the Eurozone.

4. France

France holds 2,436.94 tonnes of gold reserves, valued at $206.06 billion, securing the fourth spot globally. This represents 71.85% of the country’s total reserves, emphasizing France’s reliance on gold for financial stability.

The Banque de France, based in Paris, manages these reserves, which began accumulating during the colonial era and increased significantly after World War II.

In recent years, gold has become crucial in reinforcing France’s financial position within the Eurozone, acting as a hedge against global economic volatility and preserving its reputation as a stable economic power.

5. China

China ranks fifth with 2,191.53 tonnes of gold reserves, accounting for approximately 4.91% of its total foreign reserves. Over the past decade, China’s central bank has gradually increased its gold holdings as part of a broader strategy to diversify its assets and reduce reliance on foreign currencies like the U.S. dollar.

Gold plays a key role in enhancing China’s monetary policy flexibility and supporting its expanding economy amid global uncertainties.

Additionally, the Chinese government encourages domestic gold consumption while strategically building international reserves to strengthen national security and economic resilience.

6. Switzerland

Switzerland is in sixth place, with 1,039.94 tonnes of gold reserves as of Q3 2024. These reserves reflect Switzerland’s long-standing goal to financial stability, acting as a safeguard against global economic fluctuations.

7. India

India has moved up to seventh place in Q3 2024, holding 853.63 tonnes of gold, valued at $72.18 billion, which constitutes 10.13% of its total reserves.

India consistently increases its gold holdings, signaling a strategy focused on diversifying assets and enhancing economic resilience. As the world’s largest consumer of gold, India views its gold reserves as a critical hedge against inflation and a stabilizing factor for its growing economy.

Beyond its economic role, gold holds immense cultural significance in India, symbolizing wealth and status while being integral to various rituals and celebrations. The Reserve Bank of India actively manages and expands these reserves to promote financial stability amidst rising global uncertainties.

8. Japan

Japan holds 845.97 tonnes of gold reserves, valued at approximately $71.53 billion, making up 5.70% of its total foreign exchange reserves.

Managed by the Bank of Japan, these reserves reflect the country’s financial stability within its extensive foreign exchange reserves. Gold acts as a hedge for Japan’s export-oriented economy, helping buffer against global trade fluctuations and currency crises.

Japan’s moderate approach to gold reserves is in line with its balanced monetary policy, ensuring stability during periods of economic volatility.

9. Netherlands

At the end of Q3 2024, the Netherlands held 612.45 tonnes of gold reserves, further solidifying its position among the top nations with significant gold holdings.

These reserves play a vital role in supporting the country’s financial stability, ensuring a hedge against global economic uncertainties and market fluctuations.

10. Turkey

Turkey ranks 10th with 595.37 tonnes of gold reserves as of Q3 2024. The country has also been recognized among the top 5 nations with the largest quarterly increases in gold reserves, according to the World Gold Council.
Turkey’s increasing gold holdings reflect its strategy to strengthen national financial security and reduce vulnerability to global market volatility.

11. Taiwan

Taiwan, holding 422.69 tonnes of gold valued at $35.74 billion, ranks 11th globally. These reserves represent 5.82% of Taiwan’s total reserves.

The Central Bank of the Republic of China (Taiwan) manages these holdings, using gold as a safeguard against currency fluctuations and global economic volatility.

With regional geopolitical tensions, Taiwan views its gold reserves as crucial for maintaining economic stability and managing uncertainties related to trade relations with major economies like China and the United States.

12. Poland

Poland rounds out the top 12 with 419.70 tonnes of gold reserves, worth approximately $35.48 billion, making up about 16.24% of its total foreign exchange reserves.

Over recent years, Poland has significantly increased its gold holdings as part of a broader strategy to strengthen its financial security and reduce dependence on foreign currencies, particularly during periods of global uncertainty.

This proactive approach shows Poland’s goal to safeguarding its economy against external shocks and reinforcing investor confidence both domestically and internationally.

13. Portugal

Portugal holds the 13th spot with 382.66 tonnes of gold reserves. As a high-income country, Portugal’s gold holdings contribute to its financial stability and economic security, providing a buffer against global market fluctuations.

The country’s consistent approach to maintaining substantial gold reserves reflects its strategy of enhancing monetary security in an unpredictable global financial environment.

Just for those who may be wondering where does United Kingdom figure?
The country has 310.30 tonnes of gold reserves.