Ministry of Finance of the Arab Republic of Egypt

09/25/2017 | News release | Distributed by Public on 09/25/2017 06:23

Ministry of Finance is planning to offer coins of 100 million EGP to meet the market needs in the coming period

- Cairo and Marsa-Matrouh are the most demanding for metal coins and El-Behira comes at the end of the list.

- We are continuing in minting coins in coordination with the Central Bank of Egypt to meet the increasing demand of the market

Ministry of Finance is preparing to offer amounts of auxiliary coins in markets, its worth exceeds 100 million EGP: 80 million coins of the pound-denominated category, other 40 million coins of the 50 piaster-denominated category and 10 million coins of the 25 piaster-denominated category, doubling the offered in the last fiscal year in order to facilitate coin access for the citizens and different shops that need the small change. A tender was offered to provide such amount of coins in the coming period.

The Major-general Abd-Al-Raouf Ahmady, Head of the Egyptian Mint Authority, presented a report to Mr. Amr El-Garhy, Minister of Finance, which revealed that the Authority minted amounts of coins of the denomination categories of the 1 pound, 50 piasters and 25 piasters, worth of 53.7 million EGP in the last fiscal year.

The report mentioned that the Authority raised minting of auxiliary coins from 2.9 million coins monthly to 6 million coins currently after installing and operating a new minting machine that is the most updated in this field.

Furthermore, in a report of the Public Treasury Authority confirming that the Authority increased the coins offered monthly in the markets to 1 million EGP; including 700 thousands EGP of the pound category and 300 thousands EGP of the 50 and 25 piasters categories.

There is a continuing coordination with the officials in the Central Bank of Egypt and the Public Treasury Authority to review the indicators of implementing the bank plan to offer these auxiliary coins according to the different market needs.

The report indicated that the Public Treasury Authority monthly offered 250 thousands EGP through the authority's general office in Cairo and sent 750 thousands EGP of coins to be offered through the authority's offices in different governorates to facilitate on citizens and different shops.

According to the report, Cairo and Marsa-Matrouh are at the top cities where they monthly demand 250 thousands EGP of auxiliary coins, then Menia, Aswan and Bani-Suef; each one demands 235 thousands EGP of auxiliary coins, after that Alexandria and Kfr El-Sheikh with a monthly balance of 225 thousands EGP, at the end of the list El-Behira demands 50 thousands EGP of auxiliary coins.

Eng. Sherif Hazem, Advisor to the Minister of Finance, emphasized that the citizens should be aware of getting the rest of their transactions whatever their values; as this is the most prevailed culture in the developed countries. He indicated that the currency of 25 piasters category, which many people think that it is worthless, presents the purchase capacity equivalent to the 5 loaves of bread subsidized by the State to mitigate on citizens. That reflects the importance of providing all currency categories whether metal coins or paper notes.