The General Authority for Financial Control (GAFC) is set to approve the launch of a gold investment fund.
One investment company has applied to the GAFC for approval to launch a fund that will invest in precious metals, taking advantage of the significant demand for gold investment in the face of inflation and citizens’ desire to make profits on their savings. This was evidenced by the crowds witnessed in gold shops in recent days.
This comes after the Financial Control Authority issued several regulatory decisions that included regulations for dealing with metal investment funds as one of the transferable financial values, and regulations for registering and deleting metal storage service providers in the Authority’s register, as well as regulations for registering and deleting entities that investment funds should deal with when buying and selling metals.
“These regulations aim to diversify investment and savings options to meet the diverse needs of all categories of investors, contributing to improving financial inclusion levels,” Mohamed Farid, head of the GAFC, told the local media.
“The gold investment fund will allow those interested to purchase a document specifying the amount of grams owned by each investor, enabling small investors to purchase small quantities without having to save a large sum to buy a gold ingot. The fund also protects investors from exposure to fraud while buying or selling the precious metal,” he added.
Farid asserted that Egypt’s economy has been steadily recovering over the past year, thanks to the government’s efforts to reform and diversify the economy. “The launch of the gold investment fund is expected to further boost the economy, as it will attract more investors, both small and large, and provide them with a safe and convenient way to invest in gold,” he said.
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