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Editor in Chief Mohamed Wadie

Allowing Expatriates to Pass with Gold Can Decrease Prices, Says Trader

Gold Prices, gold

Sun 04 Dec 2022 | 06:26 PM
Walid Farouk

Some gold traders and workers demanded allowing Egyptian expatriates to pass the country with raw gold or gold bars without paying any taxes or manufacturing funds. This would help in decreasing prices.

Hany Baqy, the CEO of a company for gold manufacturing, said that the state's approval of the suggestion would contribute to providing the market with more raw gold with preserving the foreign exchange reserves, especially, in the light of the high increases in gold prices, surpassing EGP 1620 for 21-karat.

He pointed out that the continuation of stopping exportation will lead to more increases in gold prices.

Contributed by: Rana Atef