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Egypt Launches First ATM for Gold Bars

Egypt has launched its first automated teller machine (ATM) to sell gold bullion bars to citizens. The machine will dispense one gramme bars and will be updated continuously and in real-time so that the buyer is correctly billed.

The initiative, a collaboration between Banque Misr and local e-payment technology firm Finway, was inaugurated yesterday in Cairo by Minister of Supply and Internal Trade, Ali Moselhi, at the Third NEBU International Gold and Jewelry Exhibition.

According to Egypt Today, citizens would be able to conveniently purchase gold bars, “democratising access to the precious metal.” The outlet noted that the minister said that there are efforts to position the North African country as an exporter of gold to the Gulf countries, Italy and the rest of Africa.

Although he did not specify details on fees or location for the ATM machines, Moselhi highlighted the great development in the gold and jewellery industry, and the use of modern technology and innovation. He also mentioned that a decision has been issued to allow the entry of gold without customs.

Earlier this month, the Egyptian government approved extending the zero-custom initiative for gold imports by Egyptians abroad for six months ending on 10 May, due to its stabilising impact on the market.

According to the country’s General Organisation for Export and Import Control, Egyptian gold exports grew by 45 per cent to reach $1.633 billion last year, up from $1.126 billion in 2021.

In 2010, the UAE became the first country outside of Germany to introduce an ATM for gold coins, after it was installed in Abu Dhabi’s Emirates Palace Hotel. The machine was originally conceived by German businessman Thomas Geissler, who said the emirate was best placed for the launch of the invention due to the region’s high demand for gold.

Source: MEMO