Egypt decides 6-month gold imports' duty free

Egypt on Thursday announced to exempt gold imports from customs duties and other fees while added value taxes will remain to make stability in gold markets that see hiking prices.

Egyptian Prime Minister Mostafa Madbouly made the decision, which will be applied for six months to travelers who bring gold products from abroad, but pearls and gemstones are not included in the new move, said the cabinet in a statement.

The statement hasn't specified the amount of exempted gold from taxes. Local media reported that Egyptians can enter airports or ports with up to 150 grams of duty-free gold.

"The new decision is good to pump more quantities of gold in the markets to reduce the prices amid the disruption of gold sales in Egypt in light of the shortage of U.S. dollars," Nady Naguid, general secretary of gold branch in Cairo Commerce Chamber, told Xinhua.

He said the trial will start to bring its fruits in the coming two months.

There is a current unprecedented hike of gold prices due to the high demand of Egyptians who consider it a safe investment while the Egyptian local currency has been seeing a sharp decline against the dollar, added the expert.