The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, industry experts say.
Figures from the Federation of Egyptian Chambers of Commerce's gold division show the price of 21-carat gold surpassing 1,800 Egyptian pounds per gramme in December, what local media reports say is an all-time high.
Its central bank in February imposed a requirement for letters of credit for most imports, causing a sharp slowdown in imports and aThis has prompted some importers to buy bullion in Egyptian pounds in order to export abroad as a means to access dollars, a move which Hani Milad, head of the gold division at FEDCOC, said fuelled the price increase.
The weakening Egyptian pound has also spurred demand for bullion and gold coins by individuals in order to preserve the value of their savings.
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