Many want to protect their saving by hoarding gold, but that has led to an exponential rise in the price of the metal, making it off-limits for other consumers

Gold is now priced in relation to the exchange rate of the US dollar in the parallel, not in the official, market, independent economist, Mamdouh al-Wali, told Middle East Eye. “Speculation is very high, raising uncertainties about the price of this metal and other commodities in the future,” he said.

The currency devaluation is supported by the IMF which expects the move to unwind external imbalances, boost Egypt’s competitiveness, and attract foreign direct investment.

However, the same move has caused the pound to lose close to 50 percent of its value against all foreign currencies, especially the greenback, the main import and export currency.

“These devaluations have caused more harm to the national currency than good,

The same Egyptians hurry to turn the banknotes in their hands, at home and in their bank accounts, into safer assets, such as real estate, automobiles and gold.

https://www.middleeasteye.net/news/egypt-gold-buying-mania-national-currency-loses-value