23 Hrs
Source:
المصري اليوم
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New Government Action on Gold Installments
The decision to ban installment purchases of gold through consumer financing companies aims to restore discipline to the precious metals market in Egypt. This is achieved by reducing negative practices such as cashback schemes, which have led to increased speculation and artificially inflated demand for gold, thereby impacting market stability and pricing. This measure helps protect consumers from the risks of financial default, especially amidst the fluctuations in global and local gold prices. It also works to eliminate phantom liquidity from the market, promotes transparency, and ensures fair pricing linked to international market rates. Furthermore, it contributes to reducing the influence of financing costs and commissions on trading, supporting market stability and fostering a safer, more transparent investment environment within Egypt’s precious metals sector.
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