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Government capable of meeting market needs for coins: Finance Ministry - Daily News Egypt

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Government capable of meeting market needs for coins: Finance Ministry

Over EGP 1m in coins are produced per day, EGP 30m delivered every month

Egypt’s Ministry of Finance has announced that it is able to meet the local market’s needs for coins, as EGP 1m are produced daily and EGP 30m delivered monthly across the country.

The amount aims to meet government agencies and private sector needs, such as Egypt’s retail sector, depending on the size of their business. This aims to facilitate matters for citizens, and enable them to benefit from government services, and other services, as well as to make purchases easier.

Minister of Finance Mohamed Maait has demanded for the sustained provision of the necessary reserves of coins, to ensure that any bottlenecks are avoided, especially during seasons, holidays, and peak times.

Hossam Khedr, head of the Public Treasury Authority, said that linking production to distribution, which took place by merging the Authority with the Coinage Authority, has contributed to accurately determining the actual needs of coins.

At the same time, it has helped reduce costs, and reinforced governance as similar activities have been unified. He also said that the merger has improved the services provided to citizens by the two authorities.

Khedr added that new outlets for coins will be opened at the Public Treasury and Coinage building in the Darrasa district of Cairo.

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