Egyptians invest EGP 925 mln in gold investment funds

Saleh made the statement during a meeting with Prime Minister Mostafa Madbouly to discuss the FRA's efforts to boost the role of the non-banking financial sector in Egypt's economy.

Saleh explained that the FRA has implemented a comprehensive legal and regulatory framework for establishing gold investment funds, providing Egyptians with a secure and regulated way to invest their savings in gold.

Since May 2023, Egypt launched three funds: The funds (AZ Gold, the Beltone Evolve Gold Investment Fund (Sabayek), and Al Ahly Financial Investment Management). These funds offer investment certificates starting from EGP 10, which are redeemable as cash or grams of gold.

The global and local geopolitical tensions, coupled with expectations of interest rate cuts by the US Federal Reserve in 2024 and global shortage in US dollar reserves, have prompted investors to increase purchases of gold as a means to hedge against rising prices and global inflation.