Egypt posts record EGP629b primary surplus in 2024/25    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CBE issues banknotes of EGP 352.9bn in May, reaching 12.73%
Amwal Al Ghad Published in Amwal Al Ghad on 22 - 08 - 2016

The Central Bank of Egypt (CBE) announced that the total value of banknotes issued reached EGP 352.896bn in May, compared to EGP 342.842bn in April—an increase of EGP 10.054bn.
The CBE said in its report that the banknote issuance to GDP percentage recorded its highest level in May since June 2015, reaching 12.73%.
In June 2015, the banknote issuance to GDP percentage recorded 12.87%; its highest level during the last five years was 14.33% in June 2013.
The CBE issued EGP 185.863bn worth of EGP 200 notes and EGP 126.769bn worth of EGP 100 notes, according to a survey conducted by Daily News Egypt.
The CBE also issued EGP 28.793bn in EGP 50 notes; EGP 5.27bn in EGP 20 notes; EGP 2.78bn in EGP 10 notes; EGP 1.891bn in EGP 5 notes; EGP 1bn worth of EGP 1 notes; EGP 364m in 50 piastre notes; and EGP 166m in 25 piastre notes.
The CBE has been widely criticised due to the expansion in its issuance of banknotes.
The bank defended its situation in many statements, asserting that the banknote issuance is conducted in accordance with economic and legal standards. The bank pointed out that the banknote issuance does not contradict the stability of prices in the domestic market.
The CBE said that the annual growth of the banknote issue came in line with the average annual growth of GDP, as well as the generally accepted economic principles.
Ezz El-Din Hassanein, banking expert and general manager of a bank operating in the domestic market, said that the CBE is compelled to issue new banknotes monthly in response to the decline in the state resources and the increase in expenses.
He added that since January 2011 the CBE has dramatically increased the banknote issuance to meet the government's demand for cash. It came as a result of the annual increases in salaries, wages, and pensions, in addition to compensations and the repayment of the domestic debt.
The banknote issuance in Egypt is subject to Banking Law 88/2003. Article 107 of this law stipulates that only the CBE is entitled to the banknote issuance. CBE's board of directors also has the right to determine the categories and specifications of the banknote issue.

Clic here to read the story from its source.