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

Tue Sep 12 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.

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.

Source: https://english.ahram.org.eg/