Egypt's Custom-Free Gold Imports Reach 3.8 Tons in Eight MonthsSource: www.export-egypt.com 1/22/2024, Location: Africa |
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Egypt’s imports of customs-free gold recorded approximately 3.8 tons over eight months, El-Shahat Ghatouri, head of the Egyptian Customs Authority (ETA), said.
In May, the government approved a draft decree granting exemption from custom duties and other associated fees (excluding value-added tax) to travellers bringing gold into the country for a duration of six months. The cabinet extended in November the duration of the zero-custom initiative for gold imports for an additional six months, until 10 May 2024. The exemption encompasses semi-manufactured gold, gold intended for currency-trade purposes, and jewellery components embellished or coated with precious metals, Ghatouri highlighted during an interview with Asharq Business. The initiative is meant to curb the smuggling of semi-manufactured and manufactured gold items through various customs ports and to exercise control over the soaring prices of precious metals. The recent surge in gold prices, attributed to a series of global crises and geopolitical tensions, has prompted investors to seek refuge in this safe haven to safeguard their savings. |
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