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Egyptian Government Encourages Citizens to Invest in Gold, Drawing Comparison to Saudi Arabia and UAE


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Egypt’s first assistant minister of supply, Ibrahim Ashmawi, confirmed that those arriving from abroad have the right to bring in any amount of gold in exchange for paying the added value only.

Ashmawi explained in an interview with journalist Ahmed Moussa, host of Under My Responsibility, which aired on Sada al-Balad on Wednesday night, the aim of the government’s decision is to create a kind of price discipline, expecting prices in Egypt to be no different from their counterparts in Emirates and Saudi Arabia.

Dr. Ibrahim Ashmawi, First Assistant Minister of Supply, noted that the ministry has taken the initiative to increase the supply to meet needs, explaining that exemptions from duties and taxes on gold imports have been offered for Egyptians arriving from overseas via ports. . for a period of 6 months, in exchange for the payment of value added tax only.

He added that the initiative, approved by the Council of Ministers of the draft decision, after approval, will lead to an increase in the volume of supply on the market, adding that the timing of the implementation of the decision fell at the beginning of the return season. Egyptians from abroad.

And he continued: Those who come from abroad have the right to import any amount of gold in exchange for paying only the added value in order to create a kind of price discipline.

Ashmawi noted that the draft government decision will be submitted to the House of Representatives before its official approval and implementation, stressing that the exemption of gold imports from customs duties to achieve price stability in the markets for a period of 6 months as a first stage.

Source: Sada El Balad

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