Egypt has made recent efforts to address issues regarding the shortage of small change within the local market, through the issuing of a new two-pound coin which will coincide with an update to the specifications of the current one-pound coin.
The move comes under a comprehensive plan to develop the structure of currencies circulating in Egypt, which will thereby better facilitate daily transactions and strike a balance between the cost of production and the actual value of the currency.
The introduction of the two-pound coin represents a new step towards developing the monetary system and improving the availability of small change, which will support the stability of daily transactions and enhance the local economy’s efficiency.
Launch Date
The two-pound coin is scheduled for release during the first quarter of the 2026/2027 fiscal year
New Specifications
The one-pound coin is currently undergoing a development process that includes the use of a more economically efficient alloy.
This new alloy balances production costs with face value and reduces opportunities for melting and illegal reuse.
Doubling Change
The plan includes doubling the quantity of the one-pound coins available in the market to improve the availability of small change, particularly in vital sectors that rely on daily cash transactions, such as:
- Retail chains and supermarkets
- Local banks
- Subways
- Major stores
- Distribution outlets
Work is underway to make small change available through the Public Treasury and Mint outlets, as well as distributing it to public transport drivers and small shop owners.
This will be gradually rolled out across all governorates to ensure access for the widest possible range of users.
The introduction of the new coin and the modernization of existing currency will contribute to improving the cash transactions in the market and facilitate buying and selling, especially given the increased demand for smaller denominations.
This in turn will have a positive impact on market activity and services.
Edited translation from Al-Masry Al-Youm
