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اليوم السابع
Regulatory Authority Closes Gold Payment Loophole
The article discusses the decision by the Egyptian Financial Supervisory Authority to prohibit financing or dealing in gold bars, gold jewelry, or other precious metal products such as silver and platinum by consumer finance companies. This comes after practices emerged where gold bar designs were used in a way that closely resembled wearable jewelry, in order to blur the lines with products eligible for consumer financing, leading to confusion in their classification. The authority issued a circular reaffirming that these products do not fall under the categories of goods or services eligible for consumer finance according to Consumer Finance Law No. 18 of 2020. This clarification aims to distinguish between investment products and decorative items. The circular also stated that this measure is not a new ban but rather an awareness effort to inform companies of the legal boundaries of their activities. It redefines the nature of dealings with gold and other precious metals in accordance with legal provisions and aims to prevent any circumvention of consumer finance laws.
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