How Egypt turned 1,800 seized gold pieces into bullion to boost national reserves
Egypt has converted more than 1,800 seized gold items, some held in evidence stores for decades, into high-purity bullion delivered to the Central Bank, in one of the largest asset recovery operations undertaken by the Public Prosecution.
The decision is part of directives by President Abdel Fattah al-Sisi to ensure confiscated assets from closed criminal cases are channelled back into the national economy rather than left idle in storage, Youm7 reports.
Attorney General Mohamed Shawky said an extensive inventory uncovered 265 kilograms of gold, two tonnes of silver, and other precious metals that had accumulated across various investigative bodies, including the Weights and Measures Authority and the Mineral Resources Authority. Many of the items date back to the late 1990s.
Following an assessment, the Public Prosecution recommended converting the seized gold into bullion and handing it to the Central Bank to strengthen Egypt’s strategic reserves. The Cabinet approved the proposal, enabling technical teams to melt and refine the seized items into high-quality bars.
The bullion, worth an estimated $34 million, was formally handed over this week during a ceremony attended by Prime Minister Mostafa Madbouly, the Governor of the Central Bank Hassan Abdullah, and Finance Minister Ahmed Kouchouk. The Central Bank also received around $44 million in frozen financial assets, while 99,000 seized vehicles are set to be auctioned in line with court rulings.
Officials say the, amongst others, also follows months of clearing long-dormant evidence stores and unclaimed items.
Shawky described the operation as an example of “institutional integration and responsible management of public funds,” adding that transforming stagnant assets into national reserves supports currency stability and economic resilience
The Public Prosecution says it plans to continue similar asset conversion to modernise case management, clear backlogs and speed up judicial processes.
This story is written and edited by the Global South World team, you can contact us here.
