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Egypt’s Entry into the BRICS Group and the Link to Decline in Gold Prices: Insights from Gold Adviser Nagy Farag

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Egypt’s Entry into BRICS Group and Its Impact on Gold Prices

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Introduction

Egypt’s gold adviser Nagy Farag believes that Egypt’s inclusion in the BRICS group is a significant economic event, with a strong connection to the decline in gold prices.

Strengthening Local Currency and Stability

Farag explains that Egypt’s membership in the BRICS group will bolster the local currency and provide it with the potential for stability and recovery. Additionally, it will contribute to lowering the price of gold and the dollar, which will have a positive impact on the Egyptian economy.

Global Decline in Gold Prices

Farag reports that gold prices have dropped worldwide, with the price of an ounce falling from $1950 to $1918. He notes that gold prices have also decreased by approximately 20 pounds during the recent period. However, the current price remains suitable and not far from the global average.

Impact of Zero Customs Initiative

In a telephone interview on Tahrir Hall with media personality Azza Mustafa on Sada Al-Balad, Naji Faraj confirms that the Zero Customs initiative has had a significant influence on the price of gold. The Ministry of Supply has requested an extension of this initiative from the Council of Ministers. Faraj explains that this initiative offers numerous advantages, and its facilitation is linked to Egypt’s entry into the BRICS group.

Sources

Source: The Seventh Day

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