Egypt Central Bank opens account to collect spare change

The Central Bank of Egypt (CBE) said yesterday it had opened a bank account to collect “spare change” to support developmental projects in the country.

The Central Bank said in a statement that it will deduct spare change from cheques and bank remittance after obtaining written approval from customers.

According to the statement, the decision includes the collection of change from amounts below one million Egyptian pounds ($56,500) and 10 Egyptian pounds for remittance which exceeds one million Egyptian pounds.

The decision exempts cheques and bank remittance of less than 100 Egyptian pounds and pensions cheques ($5.6).

The bank said the decision aims to serve the national economy.

In September 2016, Egypt’s President Abdel Fattah Al-Sisi called on citizens to give him their spare change to help support national projects.

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