Banking sources have revealed that the £500 coin was put into circulation in Egypt on the first day of Eid al-Fitr, in light of inflation hitting 39% last month and the depreciation of the pound against the dollar.
Banking sources indicated that the £500 note was not printed or issued in Egypt by the Egyptian Central Bank as a group of images of the currency featuring Egyptian President Abdel Fattah El-Sisi was circulated.
Sources indicated that the printing of the 500-pound note requires lengthy research into the state of the Egyptian banking sector and the market’s acceptance of the currency and its importance in light of the country’s economic situation.
Sources said there is currently no need to introduce the 500-pound coin after the printing of new coins for Eid al-Fitr in all denominations.
Sources indicated that the 20-pound note made of polymer material, which was previously announced about two years ago, was also not issued, and that it was enough to print a 10-pound plastic polymer note at the new printing house of the Central Bank of Egypt in the administrative capital.
Source: Cairo 24