Currency issuance rises to 444bn Egyptian pounds in January: CBE

The volume of currency issuance increased to 75 billion at the end of January 2018, reaching 444 billion pounds from 369 billion pounds in June 2016, according to the Central Bank of Egypt (CBE).

Regarding the issuance of a 500 pounds banknote, banking sources said that there is no intention to issue a 500 pounds banknote, stressing that the issuance of new banknotes is subjected to complex economic equations and strict international security standards.

The sources added that the current situation of the Egyptian economy, which witnessed a remarkable recovery in terms of macro indicators, which include growth rate of more than five percent, and the decrease of inflation rate to 11 percent in May 2018, prevents the issuance of a 500 pounds banknote during the current period.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said Sunday annual consumer price inflation slipped to 11.4 percent in May 2018, from 13.1 percent in the previous month.

Minister of Planning Hala el-Saeed said earlier that Egypt recorded a gross domestic product (GDP) of 5.4 percent during the third quarter of fiscal year 2017/2018.

According to the sources, the issuance of a new category of banknote considers many aspects as inflation rates and the rate of economic growth. The cash sheet is the largest denomination of cash issued in Egypt, and the Central Bank of Egypt issued it in May 2007.

200 pounds banknote is the largest cash category issued in Egypt since May 2007.

In January 2017, the Central Bank of Egypt (CBE) issued 100 million pounds of the one pounds banknote and 100 million pounds of the 50 piasters banknote, with the same specifications currently traded with the currencies through banks.

Local categories of banknotes consist of 25 piasters, 50 piaster, one, five, ten, 20, 50, 100, and 200 Egyptian pounds.

Source: Egypt Today