Egypt’s Ministry of Finance Reveals Gold Inflow Since Exemption from Customs Duties Decision

Mona Nasser, Assistant Minister of Finance, said that since the start of the decision to exempt from customs duties on gold coming from abroad, Egypt has received about 112 kg of gold.

Nasser said in statements on DMC that those who come from abroad must disclose the amount of gold they own.

She explained that the announcement of the arrival of the amount of gold “comes for reasons of limitation, nothing more.”

She added: “Those who come from abroad bring gold bars with them, and often the caliber and weight are written on them.”

In early May, the Egyptian government decided to exempt gold held by passengers arriving from outside the country from customs tax and other fees, with the exception of the (workmanship) tax.

The government confirmed that the decision would be valid for 6 months.

This led to a significant drop in gold prices after reaching an unprecedented historical level.

Source: Sada El Balad