Zero-Customs Gold Import Initiative Extended for Additional 6 Months
The initiative has resulted in approximately three tons of gold imports, as reported by Egypt Customs Authority.
The Egyptian Cabinet has extended the zero-custom initiative for gold imports by Egyptians abroad for an additional six months, effective until May 10th, 2024. The extension comes in response to the initiative's success in stabilising the market and managing prices, according to the cabinet.
The zero-custom initiative was initially launched in May 2023 to address market disruptions caused by various factors, such as a shortage of US dollars and increased demand. The extension covers semi-manufactured gold, gold designated for currency trade and jewellery parts with a layer of precious metals. However, natural or cultivated pearls, gemstones, and semi-precious stones inlaid in jewellery are not included in the exemption.
The initiative has resulted in approximately three tons of gold imports, as reported by Egypt Customs Authority.
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