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Egypt lifts ban on gold exports, cites stability

Export ban lifted earlier than expected; Did not say whether decision is effective immediately

April 10, 2011 3:17 by

Egypt has lifted a ban on the export of gold due to increasing economic and political stability, the government said in a statement on Saturday.
The government decided on Feb. 27 to ban exports of gold until June 30 — a decision which the statement issued on Saturday said was aimed at “guarding Egyptian national security and to stop smuggling of the country’s wealth abroad”.
The trade and industry minister issued a decree lifting the ban ahead of that date “in view of the stability of the stock exchange and political and economic conditions in the country”, the statement said. It did not say whether the decree was effective immediately.
Bankers said at the time the decree was issued on Feb. 27 that it seemed designed to stop businessmen and former government officials from moving wealth abroad after the ousting of President Hosni Mubarak on Feb. 11.
Centamin Egypt , a gold miner operating in Egypt, said on Feb. 28 it was continuing to produce and export gold and not been told to restrict it shipments. (Writing by Tom Perry; editing by David Stamp and Mike Nesbit)

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