Egypt decides 6-month gold imports' duty free

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Egypt decides 6-month gold imports' duty free

STORY: Egypt decides 6-month gold imports' duty free DATELINE: May 12, 2023 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of gold stores in Cairo STORYLINE: Egypt on Thursday announced to exempt gold imports from customs duties and other fees while added value taxes will remain to make stability in gold markets that see hiking prices. Egyptian Prime Minister Mostafa Madbouly made the decision, which will be applied for six months to travelers who bring gold products from abroad, but pearls and gemstones are not included in the new move, said the cabinet in a statement. The statement hasn't specified the amount of exempted gold from taxes. Local media reported that Egyptians can enter airports or ports with up to 150 grams of duty-free gold. "The new decision is good to pump more quantities of gold in the markets to reduce the prices amid the disruption of gold sales in Egypt in light of the shortage of U.S. dollars," Nady Naguid, general secretary of gold branch in Cai

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