FM dismisses reports on changing local currency's shape

CAIRO – 14 May 2017: Minister of Finance Amr el-Garhy said on Saturday that the ministry has not mulled or discussed any proposals to change the shape of local currency at the present time.

All reports circulated on that matter are incorrect, he stressed.

Changing the shape of currency is subject to complicated economic criteria, including saving rates, inflation rates in addition to the number of clients' accounts which the banks seek to increase, banking sources told Egypt Today.

Meanwhile, head of the parliament’s budget committee Hussein Eissa affirmed that reports on changing the shape of local currency have not been submitted to the parliament or to the committee itself.

(Additional reporting by Ahmed Yaacoub)