Currency issuance reaches LE 444B by end of January: CBE

CAIRO – 13 June 2018: The volume of currency issuance increased LE 75 billion by the end of January 2018, reaching LE 444 billion, compared to LE 369 billion in June 2016, according to the Central Bank of Egypt (CBE).

Regarding the issuance of a LE 500- banknote, banking sources said that there is no intention to issue a LE 500 banknote, stressing that the issuance of new banknotes is subjected to complex economic equations and strict international security standards.

The sources added that the current situation of the Egyptian economy, which witnessed a remarkable recovery in terms of macro indicators, which include growth rate of more than 5 percent, and the decrease of inflation rate to 11 percent in May 2018, prevents the issuance of a LE 500 banknote during the current period.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced Sunday that annual consumer price inflation slipped to 11.4 percent in May 2018, from 13.1 percent in the previous month.

Minister of Planning Hala el-Saeed said earlier that Egypt recorded a gross domestic product (GDP) of 5.4 percent during the third quarter of fiscal year 2017/2018.

According to the sources, the issuance of a new category of banknote considers many aspects as inflation rates and the rate of economic growth. The cash sheet is the largest denomination of cash issued in Egypt, and the Central Bank of Egypt issued it in May 2007.

LE 200 banknote is the largest cash category issued in Egypt since May 2007.

In January 2017, the Central Bank of Egypt (CBE) issued LE 100 million of the LE 1 banknote and LE 100 million of the 50 piasters banknote, with the same specifications currently traded with the currencies through banks.

Local categories of banknotes consist of 25 piasters, 50 piaster, LE 1, LE 5, LE 10, LE 20, LE 50, LE 100 and LE 200.