Creating new perspectives since 2009

Egypt denies rumours on issuing 500-pound banknote

January 29, 2019 at 2:49 am

Egyptian pounds [emi moriya/Flickr]

Egypt has no intention to issue a new 2500-Egyptian pound banknote, the Central Bank of Egypt (CBE) stressed yesterday.

“All the forms of the Egyptian pound banknotes currently traded will stay as they are without any changes,” CBE said in a statement, adding that there was no intention to introduce new categories of local banknotes.

A number of reports recently gone viral on social media networks, claiming that the Egyptian government was planning to issue a new 500-pound banknote and that it would “soon” be traded across the country.

The bank described the reports as “groundless,” stressing that it aimed at “stirring up misperception among citizens.”

READ: Egypt to cut fuel subsidies by 15% says minister

The process of issuing a new banknote, CBE’s statement pointed out, is subject to “complex economic procedures and strict international security standards.”

CBE called on media sources to investigate the “accuracy” of any rumours with the respective authorities ahead of disseminating such news. “Such reports would negatively affect the country’s [Egypt] economic conditions.”