25 May 2024 09:13 AM

PM Reviews FRA Report On Gold Investment Funds

Wednesday، 17 April 2024 - 08:44 PM
PM Reviews FRA Report On Gold Investment Funds



Prime Minister Moustafa Madbouli underlined the government's continued keenness on offering all needed support for state institutions' measures pursuing various investment alternatives and solutions for all social strata.


He made the remarks as he received a report from Chairman of the Financial Regulatory Authority (FRA) Mohamed Farid on the latest developments of the gold investment funds within the precious metals investment activities after the Authority succeeded, for the first time, in introducing new legislation and issuing regulations and executive decisions for those funds.

This comes at a time when many citizens are looking for diverse investment alternatives that suit their different financial capabilities, in an attempt to preserve the value of their savings.



FRA Chairman Farid said the issuance of the needed regulations incentivized companies to launch specialized investment funds in gold as this is a simple and transparent saving and investment mechanism, referring to the launch of the first Egyptian fund AZ-Gold in May 2023.

In 2024, it was approved to launch another fund "Beltone Evolve" for investment in gold ingots, he said, noting that a request is being examined for launching a third gold investment fund affiliated to the National Bank of Egypt.


The report said the number of clients of the two funds stood at 102,925, he said, noting that these funds marked an important step for promoting government efforts to realize financial inclusion.


He said these funds fall within the framework of economic reform efforts adopted by Egypt in various domains.


MENA


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