Egypt’s financial authority bans bullion financing
By the AFREEQUE newsroom, based on Youm7
Egypt’s Gold and Precious Metals Division welcomed the Financial Regulatory Authority’s decision to ban financing for the purchase of gold bars. The measure is part of the organisation of consumer finance in Egypt, according to Egyptian newspaper Al-Youm al-Sabaa.
Egypt’s Financial Regulatory Authority has banned consumer finance companies from financing the purchase of gold bars and jewellery, as well as other precious metals such as silver and platinum. The measure is part of the regulation of this activity, according to the Financial Regulatory Authority.
Ehab Wassef, president of the Gold and Precious Metals Division of the Federation of Egyptian Industries, welcomed the decision, saying it should regulate gold financing and protect the rights of all parties. Many shops had already stopped selling gold on instalments through some finance companies, which had been late in settling the amounts owed to traders. The measure follows Egypt’s ban on instalment payments for gold and silver.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
