Egypt has officially transferred 265 kilograms of confiscated gold to the Central Bank of Egypt (CBE) on Wednesday 19 November.
Prime Minister Mostafa Madbouly made the announcement that the gold (265 kilograms of it, seized by the Public Prosecution in cases dating back to the 1980s and 1990s), is worth about EGP 1.65 billion (USD 34 million) and has now been handed over to the Central Bank.
This operation is part of a broader initiative aimed at enhancing the efficiency of resource management within the state.
Madbouly emphasized that the Public Prosecution has been instrumental in processing this gold, not only as case evidence but as an asset to fortify Egypt’s gold reserves.
Most of the seized gold has been refined into high-purity bullion (gold that has been refined into bars), while historically significant pieces will be auctioned to maximize financial returns for the state.
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