While it was Gold prices are rising in large proportions in the Egyptian market, unlike the global markets. The Central Bank of Egypt issued a periodic letter to banks regarding tightening control over the proceeds of gold export operations in light of following up on market developments.
He stated that this comes as a supplement to the circular of April 28, 2013 and subsequent periodicals regarding tightening control over the export earnings of the products mentioned in the decisions of the Minister of Trade and Industry No. 235 of 2013 and No. 797 of 2015.
He explained that in the event that the proceeds of export operations related to gold were not received within a maximum period of 7 working days from the date of shipment – and following the bank followed up with the customer in this regard in vain, with a maximum of 3 subsequent working days – the bank must inform the Central Bank of the name of the customer and his group in the concept of one customer and the parties. In order to in turn circulate to the banks of the banking system to include the client in the lists of clients of failure, in order not to carry out any similar operations for the client and the group in the future.
The Egyptian Central Bank stressed the need for the bank to inform the Ministry of Trade and Industry (Foreign Trade Sector), the Customs Authority, and the Stamp and Scales Authority to take the necessary measures on their part. And he stressed the continuation of the validity of the rest of the provisions of the instructions issued in the periodic book issued on April 28, 2013 and the periodicals that followed it in this regard, unless a text was mentioned in this regard.
According to the new instructions and once morest the backdrop of declines in the exchange rates of the dollar in the parallel market, the price of a 24-carat gram recorded the level of 1943 pounds, while the price of a 21-carat gram rose to the level of 1700 pounds.
The price of an 18-carat gram was regarding 1457 pounds, while the price of a gold pound rose to regarding 13,600 pounds.
Gold exporters usually receive their payments in dollars outside the banking system, making it easier for them to smuggle dollars to trade in the parallel market.
But before the new rules announced by the central bank, gold exporters might wait months before collecting their payments, given that they have up to six months to collect their payments, adding that exporting gold does not require much time.
Globally, global gold prices fell by nearly 1% last week, following Federal Reserve Chairman Jerome Powell said that next year will witness more rate hikes.
Gold fell in spot transactions by 0.9% to $ 1791.23 an ounce, further retreating from the peak of more than 5 months that it recorded last Tuesday.
US gold futures fell 0.9%, to $1,802.1.
