Farag announced that the supply ministry has submitted a proposal to the Cabinet to extend the initiative's term for six months after it expires on 1 November.

The initiative exempts travellers bringing gold into the country from customs duties and other fees (excluding value-added taxes).

Since the start of the initiative, gold prices in Egypt have declined by around 13.6 percent.

A report by the World Gold Council showed that the demand for gold bars and coins in Egypt surged by more than 300 percent on a yearly basis to over 10 tons in the second quarter of 2023.