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Egypt lifts ban on gold export

09 April 2011 18:21 (UTC +04:00)

Baku-APA. Egypt has lifted a ban on gold export Saturday due to resumption of economic and political stability in the country, said Egyptian Trade and Industry Minister Samir el-Sayyad in a statement, APA reports quoting Xinhua.

Samir el-Sayyad said the decision was made after increasing stability in the stock market and in the economic and political conditions in the country, without indicating whether the decree will be effective immediately.

According to the statement, the ban, imposed on Feb. 27 until June 30, was aimed to maintain the Egyptian national security and prevent smuggling of the country’s wealth abroad.

Centamin Egypt, a gold miner operating in Egypt, said on Feb. 28 it was continuing to produce and export gold and was not told to restrict it shipments.

Recently, it reaffirmed its production target for this year and said work had returned to normal after a recent sit-in by some of its workers.