Egyptian travellers bring home 306 kg of duty-free gold in 42 days

Ahram Online , Saturday 24 Jun 2023

Egyptian travellers returning from abroad have brought more than 306 kilograms of gold exempted from customs duties and other fees from 11 May to 22 June, said the Egyptian Customs Authority (ECA) in a statement on Saturday.

File Photo: A shop window of jewellery store in one of the streets of Cairo, Egypt. Al-Ahram

 

The decision to exempt gold brought with Egyptian travellers from customs duties is helping to control the market, and stabilizing prices, said Shahat Ghatoury, head of the ECA.

This decision also helps increase the gold supply in the market to meet growing demand and prevent customs evasion attempts.

Prime Minister Mostafa Madbouly issued a decree on 11 May granting a six-month exemption on customs duties and other fees (excluding value-added taxes) for travellers carrying gold.

The decree was introduced to address a shortage in the local market, which had led to a surge in gold prices.

During the first month of the decree, Egyptian travellers brought home over 194 kilograms of duty-free gold. Ghatoury mentioned that the increase in the amount of gold brought during this period reflects the interest of Egyptians abroad in taking advantage of this opportunity.

While the exact amount of gold exempted from taxes for travellers entering the country was not specified in the prime minister's decree, Ghatoury advised that travellers must declare all their belongings to be eligible for fee exemptions to avoid customs evasion charges.

Since the implementation of the decree, gold prices have declined significantly. The price of a 24-carat gram of gold dropped from EGP 2,915 on 11 May to EGP 2,525.75 on 24 June.

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