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Monday, 11 July 2016

Firms from England, Italy present offers to develop Egyptian Mint Authority

The Finance Ministry has received two offers from Italy and England to help upgrade operations at the Egyptian Mint Authority, Sherif Hazem, and advisor to the finance minister, told Al Borsa. The ministry will pick between the two within a month and a half, he added. The Mint is looking to expand its activity by establishing an investment zone that specializes in manufacturing metal coins for countries in the region, he added. Additionally, the Treasury will issue a tender within the coming month to launch a new website. While we welcome the news that we may potentially manufacture metal coins for the region, may we first please get our own coins back? As we reported last month, Egypt reverted to printing EGP 1, EGP 0.5 and EGP 0.25 paper banknotes over concerns of counterfeit Egyptian coins produced and smuggled from China. Other sources at the time said the move was motivated over the costliness of metal coin manufacturing. As we’ve stated in the past, the most practical use for EGP 1 paper banknotes is to serve as the official currency of the Arab Republic of Gouna.

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