New Egyptian Coin
July 8, 2026
On April 7, the Egyptian government announced that it is preparing to introduce a new denomination. The Egyptian 2 pound is intended to alleviate the lack of small change in circulation, which has been negatively impacting citizens’ daily transactions. Member of the Egyptian Senate and secretary-general of the Egyptian Social Democratic Party Bassem Kamel first submitted the proposal.
The lack of small change stems from the difference in nominal value and scrap value of circulating coinage, which has resulted in coins being hoarded and melted through unlicensed foundries. The practice is against the Central Bank of Egypt’s law No. 194 of 2020, which also promotes cashless payments and the licensing of all electronic payment services.
From The Reading Room