Egypt transfers 265 kg of seized gold to Central Bank in landmark government move
Egypt’s Public Prosecution has delivered a large trove of confiscated gold, valued at nearly LE 1.65 billion, to the Central Bank of Egypt, concluding one of the country’s most significant asset-recovery operations in decades.
The handover took place Tuesday evening during an official ceremony at the Public Prosecutor’s headquarters in New Cairo, attended by Prime Minister Mostafa Madbouly, who hailed the event as a testament to the state’s determination to capitalize on its resources and strengthen financial governance.
Madbouly praised the Public Prosecution for what he described as an “expanded national role,” noting that the institution has become an essential contributor to boosting state revenues while maintaining its constitutional responsibility to protect public funds.
Historic Gold Seizures Finally Processed
The gold, 265 kilograms in total, comes from cases dating back to the 1980s and 1990s. Officials confirmed that most of the collection has been refined into high-purity bullion to enhance the country’s gold reserves, while specially valued pieces will be released through public auctions to maximize economic returns.
The Prime Minister linked the transfer to wider progress in asset management, including efforts to clear long-overcrowded vehicle impound sites across Egypt. Thousands of unusable vehicles have already been transferred to the National Service Projects Organization for recycling, and the state is close to reclaiming the 15 May impound yard, a 24-feddan plot worth around LE 2.5 billion, for redevelopment by the Ministry of Housing.
Decades-Old Financial Backlog Resolved
Madbouly also referenced the resolution of a long-standing “suspended account” at the Central Bank’s Alexandria branch, where financial seizures had accumulated for decades. Those funds, estimated at LE 500 million, have since been converted into dollars and transferred to the public treasury.
Coordinated Effort Across State Institutions
The Prime Minister underscored that the achievement reflects seamless cooperation between multiple state bodies, including the Cabinet, the Public Prosecution, the Central Bank, and the Ministries of Finance, Interior, Supply, and Justice, in addition to the National Service Projects Organization and the General Authority for Government Services.
He said the operation embodies the collaborative spirit of Egypt’s “New Republic,” where institutional coordination drives economic and administrative reform.