The Clap
Gold prices in Egypt took a big hit, with the price of 21-carat gold dropping 100 Egyptian pounds per gram.
What
This drop can be attributed to the Central Bank of Egypt’s recent decision to impose limits on gold exports, including a requirement that all export revenues be transferred via bank transfer within 10 days.
You should know
Previously, exporters were only required to transfer their profits to the banking system within 6 months, which allowed for the circulation of dollars on the black market.
So what
The Central Bank’s goal with these new restrictions is to control gold market prices & crack down on the black market for dollars.
Now what
Any exporters who don’t follow the new procedures will be blacklisted & banned from exporting gold in the future.
