Egypt to reply on gold entry without customs for expatriates in 48 hours

Egypt’s Minister of Finance Mohamed Maait, said on Saturday that he would respond to the proposal of gold entry without customs for expatriates within 48 hours, subject to more than $10,000.

He added during a phone call that Fitch’s decision to downgrade Egypt to B from B+ comes amid the complex global challenges of the Ukraine war, global inflation wave, and rise in interests.

Maait also highlighted on the wave of outflow of the capitals from the emerging markets, including Egypt, toward the developed countries and the state of uncertainty among investors.

The state has consumed everything it has done in economic reform during the two years of the coronavirus, added Maait, noting that revenues have decreased and expenditures have increased due to the epidemic.