This exemption was implemented strategically to regulate markets, foster stability, and restore price balance.
Egypt's customs duty-free imports of gold reached a total of 4.6 tons in volume over one year, Minister of Finance, Mohamed Maait said during an interview with Asharq Bloomberg.
In May 2023, the Egyptian government decided to exempt customs taxes and other fees on imports of gold in semi-finished forms, specifically those intended for monetary circulation, jewelry, and precious metal components.
This exemption was implemented strategically to regulate markets, foster stability, and restore price balance.
As per Maait's interview with Asharq, the government has not made a conclusive decision regarding the potential extension of the customs duty exemption for personally imported gold.
It is worth noting that the ongoing initiative is scheduled to conclude on May 10th.
Earlier in April, Regional CEO for the Middle East and Head of Public Policy at the World Gold Council, Andrew Naylor emphasized the potential for Egypt to amplify its gold exports, underscoring the council's confidence in the Egyptian market as one of the region's pivotal markets during a press conference earlier this week.
Naylor stressed that increasing collaborative efforts will bolster the Egyptian market and exchange expertise to enhance its position.
