Egypt’s imports of customs-free gold recorded approximately 3.8 tons over eight months, El-Shahat Ghatouri, head of the Egyptian Customs Authority (ETA), said on Monday.

In May, the government approved a draft decree granting exemption from custom duties and other associated fees (excluding value-added tax) to travellers bringing gold into the country for a duration of six months.

The cabinet extended in November the duration of the zero-custom initiative for gold imports for an additional six months, until 10 May 2024.

The exemption encompasses semi-manufactured gold, gold intended for currency-trade purposes, and jewellery components embellished or coated with precious metals, Ghatouri highlighted during an interview with Asharq Business.

The initiative is meant to curb the smuggling of semi-manufactured and manufactured gold items through various customs ports and to exercise control over the soaring prices of precious metals.

The recent surge in gold prices, attributed to a series of global crises a
nd geopolitical tensions, has prompted investors to seek refuge in this safe haven to safeguard their savings.

Source: State Information Service Egypt