Ahmed Kamel – Egypt Daily News
Egyptian Prime Minister Mostafa Madbouly oversaw a formal handover ceremony in which the Public Prosecution transferred a large quantity of seized gold to the Central Bank of Egypt (CBE), marking one of the most significant steps in the state’s efforts to utilize long-held confiscated assets to support the national economy. The event, broadcast by Extra News, highlighted the government’s strategy to maximize public resources and strengthen economic stability.
The initiative is part of a broader process launched by the Public Prosecution to catalogue and evaluate valuable seized items, many of which had remained unused for years and redirect them toward serving public interests. Speaking at the event, Madbouly emphasized that the transfer of 265 kilograms of refined gold bars represents a major achievement in safeguarding public funds and improving the efficiency of state asset management.
Madbouly noted that the gold, valued at approximately 1.65 billion Egyptian pounds, or around 34 million US dollars, reflects the state’s commitment to responsibly managing its resources. He stressed that the handover fulfills directives from President Abdel Fattah al-Sisi to ensure that seized assets are dealt with in ways that reinforce the national economy. The prime minister also underscored the pivotal role of the Public Prosecution in upholding the rule of law and protecting state assets.
Central Bank Governor Hassan Abdullah said the transfer marks a practical step toward enhancing Egypt’s financial reserves, describing the event as a demonstration of the close coordination among state institutions. Abdullah highlighted that the gold handover was the product of precise and sustained collaboration led by the prime minister, allowing each institution to perform its role effectively within a unified national framework.
He added that the Public Prosecution, under Attorney General Mohamed Shawky, had played a central role in this institutional effort by undertaking a comprehensive inventory of gold items held by various authorities. The prosecution supervised the examination, refining, and conversion of the gold into high-purity bars before transferring them to the Central Bank to strengthen Egypt’s gold reserves, one of the core components of the country’s financial stability.
The ceremony marks a significant milestone in Egypt’s broader policy of rationalizing asset management, reinforcing economic resilience, and demonstrating the government’s determination to convert dormant or confiscated resources into tools that serve national development.
