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FINANCIAL NEWS
Egypt stops gold exports on unstable conditions
02 Mar 2011
(MENAFN) The Egyptian Minister of Trade and Industry, Samir Sayyad, said that the country decided to prohibit exporting gold in an attempt to protect Egypt’s wealth until the situation calms down, reported The Saudi Gazette.
Sayyad said that the ban, which would expire in June 2011, aims at stopping illegally obtained capital from being sent abroad by former government officials and other industry leaders.
The minister added that since the start of the turmoil in Egypt, it is suspected that former officials had been smuggling money to foreign banks in the form of gold.
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