Egypt’s gold market shows signs of recovery
Following a two-year long period of recession in which sales collapsed by nearly 80 percent, the gold markets in Egypt have recently showed a noticeable recovery and signs of prosperity.
The economic success of the local gold markets coincided with Al-Fiter feast and the new-year celebrations.
According to Al-Ittihad newspaper, recently publicized statistics by the World Gold Council reported that Egypt had imported 124.8 tons of gold in 2000, a 19 percent rise compared with the previous year.
The Egyptian government has recently lowered the sales tax imposed on gold by 22 percent, a move that stimulated the gold exchanges in Egypt. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)