No plans to demonetize Egyptian pound or redesign currency: central bank

Egypt will neither launch a new currency exchange mechanism nor have a new design for the current currency, the country’s central bank said in a statement on Monday.

The Central Bank of Egypt (CBE) denied rumours that the government plans to change the design of Egyptian banknotes. Rumours have spread on social media platforms and some news websites that the Egyptian government plans to change the design of the banknotes in the coming period.

The central bank decided in early November to abandon a peg of 8.8 Egyptian pounds per dollar and freely float the currency, which has since halved in value, has helped revive foreign demand.