Egypt launches a new currency in the category of “2 pounds”, Egypt is preparing to launch a new currency in the category of “2 pounds” during the fiscal year 2024-2025, in order to facilitate the carrying of small coins or what is known as”change”, according to informed sources told the newspaper “East”.
According to these sources, all the necessary procedures for minting the new currency have been completed, and it remains only to obtain final approval from the Central Bank of Egypt and the presidency of the Council of ministers. It is expected that this step will contribute to facilitating the daily transactions of citizens by providing a new cash denomination that meets the needs of the local market.
In a separate context, the central bank is offering, today, Monday, 19-8-2024, fixed-yield Treasury bonds worth 6 billion pounds, for 2 and 3 years, where it offers bonds worth one billion pounds for two years, and another worth 5 billion pounds, for three years.
The periodicity of the dividend disbursement, according to the “Central” Website, is Annual, and the bonds are due for two years on August 20, 2026. The 3-year bonds mature on August 13, 2027.
Treasury bonds are defined as an instrument issued by companies or states, which is negotiable by legal means, and is considered as a term loan, whether long-term, short-term or medium, ranging from two to 20 years.
The Ministry of Finance authorizes the central bank, throughout the fiscal year, to manage its own issues of treasury bills and bonds in Egyptian pounds, provided that it finances and spends the proceeds on items of the state general budget for the current fiscal year
