Egypt's zero-customs gold import initiative brings 1.5 tons in 4 months: Supply ministry

Muhammed Khalid , Tuesday 12 Sep 2023

Around 1.5 tons of gold have entered the Egyptian market since the start of the zero-customs gold import initiative in May, Nagi Farag, gold trade advisor to the minister of supply and internal trade, told Ahram Online.

Jewellery store in Egypt. Ahram Gate.
Jewellery store in Egypt. Ahram Gate.


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.


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