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Sunday, 29 May 2016

EGP 1 notes meant to hit coin-hoarders, says Amer

Printing EGP 1 notes was a move meant to strike against coin-hoarders, CBE Governor Tarek Amer tells Al Masry Al Youm. Egypt needs around EGP 900 mn in change circulating, and there are those who have been hoarding change to charge higher prices on goods leading to the decision to print EGP 500 mn in notes, said Amer. in the excitement to get the notes underway, it would appear that the CBE forgot to inform the Egyptian Mint. These decisions are supposed to be made in coordination with the government, but the Egyptian Mint (part of the Finance Ministry) was not officially informed of the decision. Former CBE Governor Ismail Hassan refutes claims that the move will lead to inflation and the decision will only facilitate transactions.

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