Arab Finance: The Egyptian Treasury and Mint Authority is upgrading circulating coins, with plans to introduce a new coin worth EGP 2, the Ministry of Finance said in a statement.
The move is part of the government's efforts to improve the availability of small change and facilitate daily transactions.
The authority has completed the technical preparations required to develop select coin denominations, maintaining the circulation of all existing coins without cancellation.
Gamal Hussein, Head of the authority, said the plan includes maintaining current denominations, particularly the EGP 1 coin, while updating their technical specifications to enhance quality and efficiency.
He noted that changes will include revising the alloy composition of some coins, especially the EGP 1 coin piece, by introducing more cost-effective raw materials that balance production costs with face value and help limit illicit melting and trading.
