Gold imported from abroad can be sold in the local market at the same price as local gold, said the head of the General Division of Gold at the Federation of Chambers of Commerce Hani Milad. He advised Egyptian expatriates to bring in gold bullion from abroad because it does not have charging fees, adding that the global price of gold globally has reached US$1,970, which caused the decline of gold prices in the Egyptian market. The Egyptian government approved a decision cancelling customs fees, except for VAT, on gold imported by Egyptian expatriates for a period of six months. The Ministry of Supply proposed an initiative to exempt Egyptians coming to Egypt from fees when they buy gold from abroad. The proposal aims to find a mechanism to provide gold supplies in the Egyptian market in order to stabilize prices, he added.

Source: Egypt Independent May 18, 2023 08:56 UTC