Egypt’s c.bank gives gold exporters 75-day payment relief

The Central Bank of Egypt (CBE) is extending the grace period for gold exporters to return export revenues to 75 days, up from the previous 30-day limit. This change aims to enhance gold exports and support the local gold industry.

The decision comes in response to recommendations from the Gold, Jewellery, and Precious Metals Division of the Federation of Egyptian Industries. The industry has been calling for measures to enhance Egypt’s gold export competitiveness.

Ehab Wassef, head of the division, stated that the extension is part of the government’s plan to boost total exports to $145 billion annually by 2030. He praised the CBE’s monetary policy reforms for improving conditions for exporters.

Egypt’s gold exports have surged to $1.46 billion in the first five months of 2024. The extended grace period is expected to further stimulate the sector and help Egypt become one of the world’s top 30 gold exporters by the end of the year.

Attribution: Amwal Al Ghad Arabic

Subediting: Y.Yasser