Egypt’s Entry into BRICS Group Linked to Decline in Gold Prices, Says Gold Adviser
Egypt’s gold adviser Nagy Farag said that Egypt’s entry into the BRICS group is a strong economic event and there is a strong link between it and the decline in gold prices.
The Impact of Egypt’s Membership in BRICS
Nagy Farag explained that Egypt’s joining the group will strengthen the local currency and give it room for stability and recovery, as well as help lower the price of gold and the dollar, and this will have a good effect on the Egyptian economy.
He reported that gold has declined worldwide, and an ounce has fallen in price from 1950 to 1918 dollars, explaining that gold has fallen in price by about 20 pounds over the last period, and the current price is adequate and not far from the world price.
Naji Faraj in a telephone interview on Tahrir Hall with the media, Azza Mustafa on Sada Al-Balad confirmed that the Zero Customs initiative had a strong impact on the price of gold, and the Ministry of Supply sent a request to the Council of Ministers to extend the Zero Customs initiative, explaining that this initiative has many advantages, as it was facilitated by the entry of Egypt into the BRICS group.
Source: The Seventh Day