Egypt Lifts Ban on Gold Exports


"Ministry of Trade cites improved conditions in the country."

Egypt has lifted a gold export ban that had been due to last until June 30 because of improved conditions in the country, the Ministry of Trade and Industry said Saturday.

The Ministry cited 'the stability of the stock exchange, as well as the political and economic conditions in the country' for its decision.

A ban on the export of gold in all its forms, including jewelry, was issued on February 27 to 'preserve the country's wealth,' the government said at the time.

Experts said the decision was designed to prevent businessmen and former officials from transferring their gold abroad.

Several former ministers and officials appointed by ousted president Hosni Mubarak are currently facing trial on charges of profiteering and money laundering.

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