Egypt forbids circulation of currency with text phrases

The Central Bank of Egypt (CBE) banned the circulation of any paper currency with text phrases, according to media outlets.

CBE stressed in the paper currencies with text phrases won’t be accepted in any transactions warning citizens not to recognize or use them.

The CBE, on behalf of the Ministry of Finance, issued 1.75 billion Egyptian pounds in treasury bonds on Monday, March 4.

The T-bonds were offered in two installments, with the first valued at 750 million pounds with a seven-year term and the second worth 1 billion pounds with a three-year term.