The Financial Regulatory Authority (FRA) of Egypt announced the launch of the fund, aligning with its strategy to promote financial and investment inclusion. The fund will focus on investing in 24-carat gold bars and will issue investment certificates with a minimum value of EGP 10 (USD 0.32), which will be available for purchase at post offices. Investors will have the flexibility to redeem their certificates for cash or grams of gold. While the FRA will oversee the fund, it will be managed by Evolve Azimut, a joint venture between Azimut Egypt and Evolve Holding. This decision comes after the implementation of a new import scheme that allows travelers to bring a limited amount of gold into Egypt without customs duties until November 2023. The establishment of the fund aims to regulate the market, enhance transparency, and manage the demand for gold ingots and coins, as explained by the Chairman of the Egyptian Exchange (EGX), Rami El-Dokany. The fund offers investors an alternative opportunity to invest in gold within Egypt, particularly considering the recent fluctuations in the gold market due to increased demand and currency exchange rate variations.
Egypt has introduced its first gold investment fund following the relaxation of import restrictions
27 Jan 2023