Monday, 25 May 2026
Egypt transfers $34 million in seized gold to Central Bank to boost national assets
In a significant move to reinforce state resources and boost the Egyptian economy, Egypt’s Prime Minister Dr. Mostafa Madbouly applauded the Public Prosecution’s efforts as 265 kilograms of confiscated gold, valued at roughly 34 million US dollars, were officially handed over to the Central Bank of Egypt during a special ceremony in New Cairo.
The event was attended by key government officials and comes as part of broader initiatives aimed at optimizing the management of public assets and maximizing state revenues.
Prime Minister Madbouly described the handover as a “practical embodiment” of the government’s approach to managing resources efficiently—a clear response to directives from President Abdel Fattah el-Sisi to utilize recovered assets in ways that strengthen the national economy. Dr. Madbouly highlighted that the Public Prosecution handled the seized gold not just as evidence, but as a valuable national resource, converting most of it into high-quality ingots to support the country’s gold reserves. Portions of gold with historical or collector value will also be auctioned to yield the highest financial return.
This initiative is part of a sustained effort by the Public Prosecution to enhance state asset management. Recent successes include addressing the issue of thousands of impounded vehicles nationwide, with vehicles suitable for licensing returned to the public, while others are being repurposed through national service projects. The government is also close to repurposing 24 acres of land in the 15 May area, transferring it as an asset to the Ministry of Housing—an asset valued at nearly 2.5 billion Egyptian pounds.
Dr. Madbouly further noted the resolution of a longstanding bank account at the Central Bank’s Alexandria branch, which held financial confiscations in various currencies for decades. These funds, worth approximately half a billion Egyptian pounds, have now been converted into US dollars and transferred to the public treasury.
“The Public Prosecution is not only a key guardian of justice and the rule of law,” Dr. Madbouly emphasized, “but has become an important economic player, working alongside ministries and authorities to strengthen state resources.”
The Prime Minister credited strong institutional cooperation between the Cabinet, the Public Prosecution, the Central Bank, and ministries including Finance, Interior, Supply, and Justice, for these achievements.
He reaffirmed the government’s full support for all efforts to enhance asset management and national resources, expressing profound gratitude and trust in the dedication and integrity of state officials: “These steps reflect our unwavering commitment to protecting public funds and upholding the interests of the Egyptian people.”