Wednesday 16 May 2012

MIDEAST MONEY-Egypt economy on the edge ahead of presidential vote | Agricultural Commodities | Reuters

Wasfy Amin's jewelry shops in the heart of Islamic Cairo ran into trouble when a street revolt scared away tourists last year. Part of his business is growing again, but not a part that inspires optimism in Egypt's flailing economy.

His factory on the capital's desert outskirts now melts bangles, rings and necklaces - heirlooms sold by impoverished families - into rough ingots of gold and silver that are sold to banks for refining in Switzerland.

"There are many people with no work now in Egypt, or with work but no salaries. This helps them out, for a while," said Amin, the head of the gold division at the Federation of Egyptian Chambers of Commerce.

No comments:

Post a Comment