First Assistant Minister of Supply in Egypt, Ibrahim Ashmawi, revealed the details of the government decision to agree to exempt gold imports from abroad from fees and taxes.
Ashmawy said, during televised statements on Wednesday evening: The citizen resorts to investing in gold as a value and adornment, adding that 60 tons of gold were stamped last year in the interest of the stamp.
He pointed out that there is a great demand for buying bullion and then gold pounds, adding that the rate of increase in the prices of bullion and pounds amounted to 60 to 70% over last year.
And he continued: that the price of the gold pound amounted to 22 thousand pounds, an increase of about 3 times over last year, referring to the reason for the exaggerated increase in prices to the volume of fixed gold supply with the increasing demand.
He pointed out that the ministry had taken an initiative to increase the supply in order to meet the demand, explaining that an exemption of gold imports from fees and taxes was proposed for Egyptians coming from abroad through the ports for a period of 6 months, in return for only paying the value-added tax.
And Dr. Ibrahim Ashmawy continued: The initiative approved by the Council of Ministers with a draft decision, if approved, will lead to an increase in the volume of supply in the market, adding that the timing of implementing the decision came with the start of the season for the return of Egyptians from abroad.
Ashmawy added, saying: Those coming from abroad have the right to enter any quantities of gold in exchange for paying the added value only, with the aim of creating a kind of price discipline, expecting that prices in Egypt will not differ from those in the Emirates and Saudi Arabia.
He noted that the draft government decision will be referred to the House of Representatives before it is officially approved and implemented, stressing that exempting gold imports from customs comes to achieve stability in prices in the markets for a period of 6 months as a first stage.