The Public Treasury and Mint Authority has announced the completion of the technical preparations needed to update some of the coins in circulation, while continuing to circulate the current denominations without cancelling them.
Gamal Hussein, head of the authority, stressed that the development plan includes keeping the circulating coins of all denominations, foremost among them the "pound" coin, while issuing them with updated technical specifications that enhance their efficiency and quality, including updating the metal composition (alloy) of some denominations, especially the pound, using economical materials that balance face value and production cost and curb melting and illegal trading practices.
He announced the introduction of a new "EGP 2" coin, helping support the structure of denominations and ease circulation, noting that the current denominations of "quarter pound, half pound and pound" will remain in circulation as essential components of the "small change" system, while boosting the quantities of coins of all denominations pumped into the markets to ensure the availability of change in adequate quantities, especially in densely populated areas with high daily transactions.
He explained that these measures are part of an integrated vision aimed at developing the system of subsidiary coins, raising its operational efficiency and ensuring a sustainable, regular supply to the market.
The head of the Public Treasury and Mint Authority said: "We are keen to strike a precise balance between the economic and technical aspects of coin production, while ensuring their availability in adequate quantities in the market, helping facilitate daily transactions," according to the official page of the Egyptian Cabinet on Facebook.
