Gold Traders' Demands for Gold Exchange Listing

Gold traders and manufacturers have put forth several conditions for approving the listing of gold for trading on the commodities exchange.

These conditions include reducing taxes on gold, providing tax incentives for companies listed on the exchange, and expediting financial transactions with banks.

Fadi Kamel, the Executive Director of "Gold Egypt," stated that the company has submitted several proposals to the commodities exchange.

Among these proposals is to extend gold trading days from Monday to Thursday, rather than the two days allotted for other commodities on the exchange.

Kamel added that alongside offering tax incentives and reductions for traders and listed companies, these measures aim to encourage swift participation and activation within this organization.

He further explained that the key proposals presented by the company include conducting cash or gold settlements on the same day ("T+0") or at most, the next trading day ("T+1").

This coordination would be with the settlement banks associated with the exchange or the central bank.

Introducing gold to the commodities exchange, Kamel noted, would enhance transparency in trading operations and trading volume for the commodity in the market. Moreover, it would accelerate the financial inclusion process for this sector.

Salimah emphasized that the primary demands of sector companies include implementing clear mechanisms for gold companies and traders to interact with banks before the listing.

This is particularly important as the price of a kilogram of gold has exceeded EGP 2.25 million, and the minimum withdrawal amount is EGP 150,000 pounds daily. These conditions have led to delays in manufacturing and trade due to liquidity shortages.