Egypt Lifts Ban on Gold Exports

Egypt has lifted a ban on the export of gold due to increasing economic and political stability, the government said in a statement.

The government decided on February 27 to ban exports of gold until June 30 -- a decision which the statement issued on Saturday said was aimed at "guarding Egyptian national security and to stop smuggling of the country's wealth abroad".

The trade and industry minister issued a decree lifting the ban ahead of that date "in view of the stability of the stock exchange and political and economic conditions in the country", the statement said. It did not say whether the decree was effective immediately.

Bankers said at the time the decree was issued on February 27 that it seemed designed to stop businessmen and former government officials from moving wealth abroad after the ousting of President Hosni Mubarak on February 11.

Centamin Egypt, a gold miner operating in Egypt, said on February 28 it was continuing to produce and export gold and not been told to restrict it shipments.