Supply Min. Recommends Allowing Egy. Expatriates to Pass Gold without Customs

Dr. Ali Meselhy, the Minister of Supply, said that he will submit a proposal to the cabinet to allow Egyptian expatriates to pass gold without any taxes.

The minister revealed that this decision would increase the exhibited quantities of gold in markets which will help in controlling the market more.

He added that the quantities of gold in Egypt are now limited, however, there is an impressive increase in demand.

Therefore, there will be a meeting between the Chamber of Commerce and the Gold Division for writing down the draft of the proposal, Mesilhy said.

The Minister concluded that there are three main factors that control the markets of gold, and they are the international price of gold, the performance of the US dollar, and the principle of supply and demand.