Al Moselhi expressed that this initiative aligns with the country's policies to advance digital technologies and financial accessibility
Minister of Supply and Internal Trade, Ali Al Moselhi inaugurated the first gold bar ATM for citizens in partnership with e-payment technology company Finway during the Nebu Expo for Gold and Jewelry.
Al Moselhi expressed that this initiative aligns with the country's policies to advance digital technologies and financial accessibility. Egyptians can now use the ATM to purchase gold bars. This aligns with Egypt’s recent efforts to integrate technology into traditional industries, making them more accessible to the public.
The minister did not specify details on fees or location for the newly-launched ATM machines. Al Moselhi indicated that the government is working to position Egypt on the map of exporting gold to the Gulf countries, Italy and Africa.
The Egyptian Cabinet approved extending the zero-custom initiative for gold imports by Egyptians abroad for six months to end in May 2024.
The decision to extend the initiative comes in response to its positive impact on the market, ensuring a stable and balanced environment for gold trade. The Customs Authority also reported that the majority of these quantities are gold jewelry not bars and were imported from Gulf countries.
