The Ministry of Supply proposed an initiative to exempt Egyptians coming to Egypt from fees when they buy gold from abroad. Under the initiative, any Egyptian coming from abroad is exempt from fees imposed on between 100 and 150 grams of gold, which is equivalent to three gold bars weighing 50 grams per bar. The proposal aims to find a mechanism to provide gold supplies in the Egyptian market in order to stabilize prices, he added. Moselhy also submitted a draft decision to exempt gold ornaments and gold bars imported with Egyptians from abroad from all taxes and fees. Gold prices declined in Egypt, Monday by LE30 compared to Sunday, as the price of 21 karat fell to record LE2,600 per gram, amid a slowdown in demand for gold on the local markets.

Source: Egypt Independent May 09, 2023 02:31 UTC