Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt Launches First Gold Bullion ATM

Gold Service

Sun 11 Feb 2024 | 11:09 PM
Waleed Farouk

Egypt has taken a significant step towards digital transformation and financial inclusion with the launch of its first ATM for gold bullion sales.

This innovative service was inaugurated at the third international gold and jewelry exhibition "Nebu," a three-day event overseen by Ali El-Moselhy, Minister of Supply and Internal Trade, and Engineer Ahmed Samir, Minister of Industry.

Minister El-Moselhy stated that this ATM service for gold bullion sales aligns with Egypt's digital and financial strategies, offering an enhanced customer experience.

The exhibition has expanded, with 50 local and international companies participating, including representatives from Germany, the United Arab Emirates, China, Turkey, and Italy, and attracting 110 foreign buyers from 18 countries.

The gold exhibition has gained significant stature among international specialized events, showcasing products that blend heritage and history with the highest quality of Egyptian manufacturing.

Minister El-Moselhy highlighted efforts to position Egypt on the global map for gold export to Gulf countries, Italy, and Africa, thereby enhancing Egypt's international standing in this industry.

He noted the substantial advancements in the gold and jewelry industry, including the integration of modern technology and the availability of gold in the market.

A recent decision allowing gold imports without customs duties further supports the growth of this sector.

This initiative is part of Egypt's broader efforts to reinstate its prominent position among the world's leading gold producers.