Egypt receives 600 KG of duty-free gold within 3 months

CAIRO - 7 August 2023: Travelers to Egypt brought around 600 kilograms of gold from abroad under the national initiative that exempts gold from customs duties and other fees except for value-added tax (VAT), Advisor to the Minister of Supply and Trade for gold industry affairs Nagy Faragm said Sunday in televised statements.

Farag added that the initiative has helped the Egyptian economy and stabilized gold prices. The inititave was launched in May and allows people to bring between 100-150 grams of gold into the country without paying customs fees. Farag called for it to be extended for another six months when it expires in November 2023.

The Central Bank of Egypt (CBE) announced that the value of gold listed in foreign exchange reserves by the end of July amounted to almost $8 billion, compared to $7.738 billion at the end of June, marking an increase of $236 million.

The CBE also unveiled data Sunday on its website that foreign exchange reserves climbed to approximately $34.878 billion at the close of July, in contrast to $34.806 billion at the end of June.