Thursday 15 September 2022
Mostafa Eid wrote:
The Minister of Finance, Mohamed Maait, said that the Cabinet had been presented and initial approval was obtained for the issuance of a new 2-pound coin to facilitate citizens by making more than one category of auxiliary coins “Fakkah” available.
Maait added, in a statement today, Thursday, that it will continue to produce the same usual quantities and more than the “pound” and “half and a quarter of the pound” currencies by about 30 million pounds per month, increasing during seasons, holidays and occasions, in addition to the new coin “2 pounds” when issued.
This coincides with the signing of the partnership agreement between the Public Treasury and the Mint, and the British Royal Mint, the Royal Mint, according to Maait.
Maait pointed out, that we aim to localize the metal industries with the latest international expertise, through a serious endeavor to transform Egypt into a regional center for the production and minting of auxiliary coins “Fakkah”, exporting abroad, and access to Arab, African, Middle Eastern and other markets, through the establishment of an Egyptian mint. Britain in the economic zone of the Suez Canal with investments of 2 billion pounds.
Its annual production capacity is half a billion tablets according to international standards, 50% of which is directed to export, and all stages of manufacturing are implemented in Egypt based on “local” production inputs instead of importing “crude tablets.”
Hossam Khader, Head of the Public Treasury and Mint, said that the change in exchange is sufficient to meet the needs of citizens, all government agencies, and the private sector, including major commercial chains, for a year and a half.
Khader added that we are able to produce more “fakkah” auxiliary coins to meet any needs required for the local market. to facilitate the citizens; And a guarantee to facilitate the buying and selling process.