Advisor to the Minister of Supply for Gold Industry Affairs, Nagy Farag, praised Egyptian businessman and head of the Youth and Sports Committee in the Senate Ahmed Abu Hashima’s suggestion about establishing a gold bank, where Egyptian women can invest their gold ornaments with an interest rate of up to three percent.
The proposal is very good and useful, and benefits both citizens and the government, Farag said.
Nagy continued, during a telephone interview on the “Hadret al-Mowaten” program broadcast on the Al-Hadath Al-Youm satellite channel, that a gold bank will raise the strategic reserves of the Central Bank of Egypt, as the state can convert gold into dollars and use it in development and production projects.
Saving gold is part of Egyptian culture inherited by many generations to use in times of crisis or emergency, Abu Hashima said, during an exclusive interview with TV presenter Sherif Amer, on MBC Masr channel.
“Gold exists in the homes of Egyptians of all classes, starting from a gram to 10 kgs,” Abu Hashima added.
Abu Hashima put forward the idea of an initiative to obtain this gold from the Egyptian people in return for an annual return.
He pointed out that this unconventional idea can be worked through to solve the US dollar crisis in Egypt.
Photo credit: Jingming Pan