Advisor to Minister of Supply: Cabinet Is Considering Proposal to Establish Free Zone for Gold

Naji Faraj, who serves as an advisor to the Minister of Supply for the gold sector as well as a member of the General Division for Gold and Jewelry at the General Federation of Chambers of Commerce, has stated that the Cabinet is currently considering a proposal to establish a free zone for gold in order to regulate the movement of gold markets.

Faraj noted that the implementation of the gold free zone should be expedited due to its strong influence in controlling the gold market, similar to the gold free zones in Dubai and other countries.

Moreover, Faraj has suggested that all duties on imports of gold and precious metals be canceled for Egyptians returning from abroad. This would increase the volume of supply in the local market by increasing the volume of imports. He explained that there were fluctuations in gold prices during today's trading, caused by the decline in prices on the global stock market.

He further warned that turning the dollar into a commodity would harm the economy. "Banks offering high-interest certificates would contribute to withdrawing cash liquidity from the markets, attract speculators in the dollar and gold, and reduce the price of the dollar."