Egyptians brought 4.6 tons of gold from abroad in a year

The volume of Egypt’s imports of gold exempt from customs duties amounted to about 4.6 tons during nearly a year, according to Egyptian Finance Minister Mohamed Maait.

The Egyptian government back in May 2023 agreed to exempt imports of gold in semi-finished forms intended for monetary circulation, jewellery, and parts of precious metals from customs tax and other fees, due to the positive impact it had in trying to control markets and restore stability and balance to prices.

During the last two months of 2023, gold prices jumped in the local goldsmith markets by more than LE1,000, bringing the price of the best-selling 21-karat in Egypt to LE3,600 per gram, before it fell in April to LE3,100 per gram.

The Asharq Business website reported Maait as saying on Saturday that there is no final decision from the government yet regarding whether or not to extend the initiative to exempt gold imported for personal use from customs.

The initiative ends on May 10th.