CAIRO - 28 April 2024: Minister of Finance, Mohamed Maait, revealed that Egypt’s customs duty-free imports of gold had reached a significant volume of 4.6 tons over the course of one year, during an interview with Asharq Bloomberg.
This announcement came after the government's decision in May 2023 to exempt customs taxes and other fees on imports of gold in semi-finished forms, specifically those intended for monetary circulation, jewelry, and precious metal components.
The objective behind this exemption was to strategically regulate markets, promote stability, and restore balance to prices.
According to Maait’s interview with Asharq, the government has not yet reached a definitive decision regarding the extension of the customs duty exemption to personally imported gold.
It should be noted that the ongoing initiative is scheduled to conclude on May 10th.
Furthermore, in a recent press conference, Andrew Naylor, the Regional CEO for the Middle East and Head of Public Policy at the World Gold Council, expressed confidence in Egypt's potential to enhance its gold exports.
Naylor emphasized the exceptional quality and esteemed reputation of Egyptian gold artifacts, highlighting the need for increased collaboration and knowledge exchange to strengthen the Egyptian market and elevate its position within the region.
Comments
Leave a Comment