Following approval from the Cabinet, Egypt’s Ministry of Finance will be minting EGP 2 coin for the first time, as per Al Ahram. Currently, the country mints 25 piasters, 50 piastres as well one pound coins. The latter have seen a renovation in its design, featuring the New Suez canal. Mohamed Maait, Minister of Finance added that the production falls within the country’s plans to establish itself as a regional hub for coin production, minting and exports in the region whilst localizing metal industries according to international standards. The new coin is a collaboration between Egypt and the UK, where a GDP 2 coin, featuring the profile of late Queen Elizabeth II, already exists and has been in circulation. Additionally, the Minister announced that the collaboration of a minthouse between Egypt’s Public Treasury Authority (PTA) and the UK’s British Royal Mint house is set to open in the Suez Canal Economic Zone (SCZone) with a target production of 500,000 coins per year. In Egypt, the addition to coin reserves is meant to facilitate everyday transactions. Loose change and coins are heavily used on a daily basis in public transportation, food…
Egypt’s Ministry of Finance Set to Release Egypt’s First Ever EGP 2 Coin
September 16, 2022
