Tuesday, November 5, 2024

CBE printed LE 150 million due to the needs of the local market

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BY: Ahmad Abu El-Hamd

The Central Bank of Egypt (CBE) has printed LE 100 million of one pound banknotes and LE100 million of 0.5 Egyptian Pound banknotes.

A CBE spokesperson has said that the bankers attributed the return of the banknote due to a demand from the local market. CBE was mulling the reprinting in order to preserve the value of the local currency and to bolster it. Money printing has a knock-on effect on the economy, the spokesperson said, as well as being done routinely to replace and renew damaged banknotes.

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