Egypt to release an EGP 2 coin to save on several coin denominations: Finance minister

Doaa A.Moneim , Thursday 15 Sep 2022

“We have received the cabinet's approval to release a new EGP 2 coin to save several coin denominations," Minister of Finance Mohamed Maait announced on Thursday.

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"We will continue the production of other coin denominations and plan to increase them," Maait added.

Egypt currently mints 25 piastres, 50 piastres and one pound coins.

Maiit explained that the country plans to become a regional hub for producing, minting, and exporting coins to regional markets - with plans to establish an Egypt-UK mint house in the Suez Canal Economic Zone (SCZone) with total investments of EGP 2 billion and an annual production of 500,000 coins.

He added that the move is part of President Abdel-Fattah El-Sisi's instructions to localise metal industries using the latest international experiences.

The minister said the country plans to export 50 percent of its projected production, adding that the mint house will bank on local inputs instead of importing raw coins. 

The project will strengthen the partnership between the British Royal Mint house and Egypt’s Public Treasury Authority (PTA) to cover the technical, production, and operational aspects and provide hundreds of job opportunities, he said.

Meanwhile, Hossam Khedr, the head of the PTA, said that Egypt has coin reserves that cover a year and half of the market's needs.

Khedr added that the authority has the capacity to produce more coins to meet the local market needs and facilitate selling and purchasing processes for the people.

The Central Bank of Egypt (CBE) has recently issued its first-ever plastic polymer-made banknote in the denomination of EGP 10.

The measure came under the CBE's clean cash policy, which aims to uplift the quality of the outstanding banknote in the local market and reduce the cost of printing older ones — especially the most actively traded — over the long term.

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