In a step intended to control Egypt’s gold market, Hisham Hussain, Secretary of the Complaints Committee in Parliament, has submitted a petition to Prime Minister Moustafa Madbouli and the Minister of Supply and Internal Trade Ali Meselhy, seeking a resolution in respect of price collusion, export restraints, and other major issues in the area of gold trade.
In his petition, Hussain said that the gold market has witnessed a state of instability in the gold prices during the past period as a result of the latest increase of the interest rate by the American Federal Bank.
In the absence of accurate data and statistics about the gold operations, there are many crucial related issues and dilemmas that have contributed to the current recession, he noted.
His proposals also included issues of gold tax peaks and escalations, manipulation of jeweler’s prices, the establishment of quotas, anti-deceiving measures, export restraints, and enhancing the industry.
The respected deputy of the parliament also called on the government to clarify its oversight role in monitoring the gold manufacturers, and their shops as well.
Contributed by Ahmed Emam