Egyptian Ministry of Finance set to launch first-ever Egyptian EGP 2 coin
Following Cabinet approval, the Egyptian Ministry of Finance will mint the EGP 2 coin for the first time, according to Al Ahram.
Currently, the country mints 25 piastres, 50 piastres as well as one pound coins. The latter has seen a renovation in its design, featuring the new Suez Canal.
Mohamed Maait, Minister of Finance, added that the production is part of the country’s plans to establish itself as a regional hub for the production, minting and export of coins in the region while localizing industries metallurgical in accordance with international standards.
The new coin is a collaboration between Egypt and the UK, where a GDP 2 coin, featuring the profile of the late Queen Elizabeth II, already exists and has been in circulation.
Furthermore, the Minister announced that the collaboration of a Mint between the Egyptian Public Treasury Authority (PTA) and the British Royal Mint House is expected to open in the Suez Canal Economic Zone (SCZone) with a target of production of 500,000 pieces per year.
In Egypt, the addition to coin reserves is intended to facilitate daily transactions. Currency and coins are widely used daily in public transportation, food shopping, tipping, among other uses.
This also reflects an increase in overall prices nationwide, as other denominations have seen lower usage in recent years.
In July, the Central Bank of Egypt (CBE) issued the country’s first plastic polymer banknote with a face value of 10 EGP which has been in circulation ever since.
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