‘Silver is the new gold’ as Egyptians try to protect savings

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CAIRO (Reuters) – Egyptian women traditionally receive a gold jewellery set, or “shabka”, on their engagement. But as surging prices and a weakening currency have driven up demand for the precious metal, some are getting silver instead.

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The trend is a measure of an economic crisis in which inflation has been running at more than 30% and the central bank has allowed the currency to weaken 50% against the dollar, with more devaluation expected.

“Silver is the new gold,” said a salesman at a Cairo silver store who only gave his first name, Abanob.

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