Egypt will hold a public auction next week to sell off luxury gifts received by government officials in the first auction of its kind, the Ministry of Finance stated on Thursday.
Proceeds from the auction will go to the public coffers, the statement added.
Newly appointed Minister of Finance Fayad Abdel-Moneim said 42 gifts have been received since July 2012. According to a decision issued by Prime Minister Hisham Qandil, Egyptian officials cannot keep any gift valued above USD100.
Qandil, along with Grand Sheikh Ahmed El-Tayeb (head of Egypt's leading Islamic authority, Al-Azhar), are among those senior officials who have received gifts.
According to the statement, the gifts in question include luxury watches, a solid silver sword, silk rugs, garnished vases and a model sailing boat.