Egypt denies plans for 10,000 pound banknote

Egypt’s Cabinet Media Centre denied reports circulating about the government’s alleged intention to issue a new 10,000 Egyptian pound paper banknote.

The Cabinet said in a statement on Sunday that it contacted the Central Bank of Egypt, which confirmed that no decisions had been issued in this regard and that there are currently no plans or studies related to introducing this denomination or any new paper or polymer banknotes beyond those already circulating in the Egyptian market.

The central bank noted that the 200 Egyptian pound note remains the largest paper currency denomination currently in circulation in Egypt. Existing paper banknotes in the market include the 1 Egyptian pound, 5 Egyptian pounds, 10 Egyptian pounds, 20 Egyptian pounds, 50 Egyptian pounds, 100 Egyptian pounds, and 200 Egyptian pounds, while polymer banknotes are available in the 10 and 20 Egyptian pound denominations.

The bank added that all these currencies have full legal tender status and must be accepted at their full value in exchange for goods and services.

The statement also urged citizens not to be misled by false information intended to stir public opinion and stressed the importance of obtaining information from official sources.

Attribution: Amwal Al Ghad English