Egypt’s central bank denies introducing new 500, 1,000-pound banknotes

Egypt’s central bank denied on Sunday that it had printed new 500 and 1,000 Egyptian pound notes ($29.93-$59.86).

“Printing new banknotes is subject to some certain complicated economic equations and strict international security standards.” the central bank said in a statement.

Egypt is heading to more cashless transactions, therefore, the central bank has no intention to launch any new banknotes, it added.