Egypt launches its first gold bar ATM machine

CAIRO – 26 November 2023: Egypt has launched its first-ever gold bar ATM machine. The initiative was inaugurated by Ali Al Moselhi, the Minister of Supply and Internal Trade, in collaboration with e-payment technology company Finway at the Nebu Expo for Gold and Jewelry.

Minister Al Moselhi expressed his enthusiasm for this pioneering venture, stating that it aligns perfectly with Egypt's vision to promote digital technologies and enhance financial accessibility. With the introduction of the gold bar ATM, Egyptian citizens can now conveniently purchase gold bars, marking a significant step in democratizing access to the precious metal.

While specific details regarding fees and ATM locations were not disclosed during the inauguration, Al Moselhi revealed that the government is actively working towards positioning Egypt as a prominent exporter of gold to Gulf countries, Italy, and Africa.

The Egyptian Cabinet recently approved a six-month extension of the zero-custom initiative for gold imports by Egyptians residing abroad. The initiative, which will now conclude in May 2024, has been extended due to its positive impact on the market. By allowing Egyptians abroad to import gold without customs fees, the government aims to foster a stable and balanced environment for gold trade.