The Ministry of Commerce and Industry is planning to prohibit cash transactions in the trade of jewelry, gold, watches, and other precious metals as part of efforts to combat money laundering and improve economic transparency.
According to reports, payments for these items would be limited to bank card withdrawals and electronic transactions, effectively banning cash dealings in the buying, selling, or brokering of these goods.
This move is part of the ministry’s broader strategy to reduce reliance on cash, particularly in sectors at high risk for money laundering activities.
Currently, cash transactions are already restricted in areas such as real estate sales, car auctions, the sale of new and used cars, temporary trade fairs, and pharmacy purchases exceeding 10 KD.