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Thursday, 14 February 2019

The ‘Egyptian’ pound is yet to be 100% Egyptian

We don’t mean to be self-deprecating here, but isn’t it a little amusing that the ‘Egyptian’ pound is yet to be 100% Egyptian? The quarter, half and whole EGP coins are minted using only a “little over” 50% domestic content, Egyptian Mint Authority head Abdel Raouf Ahmady told Hona Al Asema’s Lama Gebril (watch, runtime: 02:51). Coins are made by minting metal discs made of copper, nickel and zinc. Ahmady said the authority currently imports the discs, but there is a plan to “very soon” have local factories supply them. And speaking of our coins: The Egyptian Mint Authority is rolling out machines that allow citizens to change their EGP 5, 10, and 20 paper notes into EGP 0.5 and 1 coins (akin to those found in laundromats abroad), the Finance Ministry said in a statement. According to the ministry, there is “high demand” on coins among the general population.

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