The federal government has decided to lift the existing ban on the import and export of gold. According to the Ministry of Commerce, a formal summary proposing the removal of these restrictions will soon be forwarded to the Economic Coordination Committee (ECC) for approval.
Officials explained that the ban was originally imposed in May this year following reports of large-scale smuggling and irregularities in the gold trade. However, the ministry now says that no recent incidents of gold smuggling have been reported, prompting the decision to restore legal trading activities.
The move is aimed at stabilizing the domestic gold market and encouraging legitimate business practices in the sector. Once approved by the ECC, gold imports and exports are expected to resume under a more regulated framework, which authorities hope will balance trade and ensure compliance with national financial regulations.
