The CBE took this action to support gold jewellery exporters due to the lengthy procedures of their trade activities.

In August 2022, the central bank decreased the period for receiving gold jewellery export proceeds to seven days.

Then, since many exporters complained that the deadline was insufficient, the CBE issued a circular specifying exceptions for which the deadline would be extended to 30 days from the date of shipment. 

These exceptions include exporting gold for manufacturing abroad and then re-importing it; and importing gold for manufacturing in Egypt and then re-exporting it.

The demand for gold Jewellery rose by two percent in Egypt in the second quarter (2Q) of 2024.

Additionally, gold prices increased during 1Q of 2024 due to the foreign currency crisis, as Egyptians resorted to buying gold as a hedge against currency depreciation.