The head of the General Gold Division for Gold and Jewelry at the General Federation of Chambers of Commerce Hani Milad has urged the authorities to renew the customs exemption initiative for imports of gold brought in by travelers returning from overseas.
He noted canceling the initiative would lead to a shortage in supply and drive up gold prices by as much as 15%.
This came after the country stopped importing, in light of the scarcity of dollar liquidity.
Speaking to the Sada El-Balad English (SEE), Milad said that the initiative presented by the division during the last period, which included exempting gold imports from customs duties, contributed to solving a large part of the local market crisis and providing a supply of raw gold, which led to achieving a balance between supply and demand, in addition to stabilizing prices across the country.
He noted that the customs exemption period, which was announced by the Council of Ministers in May, will end in November, the last month of the initiative.
Milad also pointed out that the Division has urged the Ministry of Supply and Internal Trade to extend the initiative for the next six months, to maintain market stability.
Contributed by Ahmed Emam
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