Egyptian citizens can now buy gold domestically, resolving previous issues with purchasing abroad.

Egyptian Finance Minister Mohamed Maait announced that the government’s position on the proposal to import gold from abroad would be resolved for Egyptian expatriates and would allow them to import gold without customs within 48 hours.

The finance minister said in a telephone conversation with journalist Amr Adeeb on MBC Egypt that the Egyptian economy is highly diverse and can receive dollars from more than one source, which was confirmed in response to international reports that question Egypt’s ability to attract foreign exchange, indicating on It was found out that Egypt can receive dollars from the World Bank and international financial institutions, in addition to the income of the Suez Canal, which achieve good performance, continue the development process, prepare the climate for foreign investors, and offer a number of shares of state-owned companies for sale, whether then to a strategic investor or placement on the stock exchange, in addition to the Offer of financial instruments to international investors in various currencies.

And he added: “I am in contact with a large number of Arab officials and investors, and I have asked some investors about their need to overcome difficulties, provided that you are a serious investor, and they expressed a desire to entrust the Ministry of Finance with some money that we promised them. review to facilitate their entry into Egypt.”

Dr. Ali Al-Moslehi, the Minister of Supply and Internal Trade, proposed to allow Egyptians arriving from abroad to purchase gold without customs duties in accordance with clear weight and quantity specifications, indicating that the request would be submitted to the Council of Ministers. approve the purchase of gold from abroad without customs according to clear specifications, especially since gold from abroad is cheaper.

At a recent press conference, he explained that the reason for the rise in the price of gold in the local market is the increase in demand, which leads to higher prices, and that the market mechanisms are supply and demand, and the government cannot intervene to force the price of any commodity. .

The minister warned against standing in front of the market, because the force and nature of the market is stronger than any interference, and price regulation occurs through the supply of competing goods, I introduce mechanisms, but imprisonment will not help.

Source: Cairo 24

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