In a report to Egyptian Prime Minister Dr. Mostafa Madbouly, Mohamed Farid, Chairman of the Financial Regulatory Authority, highlighted the significant increase in the number of citizens investing in gold through licensed funds. By the end of March, approximately 103,000 clients had invested in gold through two licensed funds. This period saw the launch of the first Egyptian gold investment fund, “EZ-Gold” by “Azimut” company in May and approval for a second fund, “Sabaek,” which targets investing in gold. Furthermore, an application for a third fund from one of National Bank of Egypt’s companies is currently under consideration.
Farid emphasized that these funds play a vital role in enhancing the Egyptian government’s efforts towards financial inclusion. Individual investors can purchase gold through these funds regardless of their financial capacity, even with amounts as low as 100 or 200 pounds. The gold fund aims to direct investments towards gold metal, with its value tracking the price and index of gold announced by the Egyptian Stock Exchange.
Furthermore, Farid explained that these funds are managed by specialized companies licensed by the Financial Supervisory Authority, with a minimum subscription amount of 100 documents priced at 10 pounds during the initial subscription period. Investments can be retrieved in either gold or cash based on the investment policy specified for each fund before it begins its subscription period. Subscription involves applying to invest through designated entities; initially, ten companies were designated for this purpose, and two more were later added to receive subscriptions.
