Arab Finance: The Ministry of Supply and Internal Trade intends to submit a proposal to the government to allow Egyptian expats to import gold without paying customs duties, Minister Ali Moselhy said in a press conference on April 29th.

Moselhy said that this move aims at containing the soaring prices of gold in the country.

Moreover, he added that forceful intervention in the gold market would not be beneficial.

The minister's remarks are the first governmental comment on rising gold prices in Egypt.

Gold prices have jumped by more than EGP 1,000 in recent weeks due to the increased demand for buying bullion and gold pounds as a safe haven for investments.

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