Luxor4u

Egypt Independent
Wed, 25/05/2016 - 17:10


CBE to reprint 1LE banknote to be introduced by Ramadan

The Central Bank of Egypt (CBE) is to print LE 500 million of one pound banknotes by the beginning of Ramadan, say prominent banking sources.

The sources have said that CBE never stopped trading in one pound notes, but stopped printing them in favor of the equivalent value coin.

Speaking to the privately-owned daily, Al-Watan, the bankers attributed the return of the banknote to a need in the local market. In February, the newspaper reported that CBE was mulling the reprinting in order to preserve the value of the local currency and to bolster it. Money printing has a knock-on effect on the economy, they said, as well as being done routinely to replace and renew damaged banknotes.

The reprinting of the 1LE banknote will add value to the Egyptian pound, the sources said, adding that printing currency has to be done in accordance with the bank's annual plan. The reprinting of the pound will therefore be included in the bank's plan before June.

Banking expert Mohamed Salah said that introducing the printed pound once again to the market will reinforce the local currency, given the decline of its purchasing value recently due to the US dollar surge, among other factors. The pound coin, or "silver coin" as it is popularly dubbed, does not give value to the currency, Salah said, and welcomed the reprinting of the banknote.

Nevertheless, money printing, admitted Salah, incurs high costs and paper notes are more easily damaged than metal coins.

http://www.egyptindependent.com//news/c ... ed-ramadan

Someone will have to explain to me how this will "bolster " the value of the pound

newcastle wrote:Someone will have to explain to me how this will "bolster " the value of the pound

I was trying to work that out too, but I'm having a very blond night!

Well you see the pound coin is quite heavy, get a few of them and your pockets and purse are straining. The pound note on the other hand is light and easily carried,
There fore it stands to sense that people will be more affluent because they don't have to keep repairing their pockets or buying new purses.

I wondered whether it might be sufficiently similar to the 10LE note to enable the unsuspecting foreigner to be scammed and a 10-fold profit gained thereby

carrie wrote:Well you see the pound coin is quite heavy, get a few of them and your pockets and purse are straining. The pound note on the other hand is light and easily carried,
There fore it stands to sense that people will be more affluent because they don't have to keep repairing their pockets or buying new purses.

Aaah..... but have you allowed for the cost of sellotape to repair torn notes and the inevitable total loss suffered when a few notes screwed up in your pocket go through the washing machine?

Oh come on now! are you lot telling me that you have not missed that awful stink from the old notes?

Horus wrote:Oh come on now! are you lot telling me that you have not missed that awful stink from the old notes?

Nah! I've still got a load of them.

HEPZIBAH wrote:

Horus wrote:Oh come on now! are you lot telling me that you have not missed that awful stink from the old notes?

Nah! I've still got a load of them.

And I bet they still smell

Horus wrote:

HEPZIBAH wrote:

Horus wrote:Oh come on now! are you lot telling me that you have not missed that awful stink from the old notes?

Nah! I've still got a load of them.

And I bet they still smell

YUP! They sure do.

Because most people ain't got enough money to get upto a fiver!

The paper money of this country is a disgusting collection of germ ridden items of necessities. They should be done away with in favor of coins. They could issue every one with one of those oldie worldly belt pouches to keep them in, or knacker knockers as they used to be referred to. These new issues will also need to be replaced at a far shorter period as the pound coin is used in far greater quantities than the higher denomination ones. Circulate just one singular pound note for a week on the local transport and it would soon become indistinguishable from a new one. My wallet used to stink when I opened it, but no longer as I wipe it regularly with Dettol.

Actually the pound notes wash rather well in the machine, I have done it more than once by mistake.

I used to keep a special wallet for Egypt to avoid being reminded of the smell after I arrived home

Horus wrote:I used to keep a special wallet for Egypt to avoid being reminded of the smell after I arrived home

I still do that. I have one for Egypt, one for Morocco, and one for Euro zone countries. Each have their own unique aroma.

When tourists used to complain about upset stomachs and blamed it on the food, I always thought it was more likely to have been cause by the pound notes.

carrie wrote:When tourists used to complain about upset stomachs and blamed it on the food, I always thought it was more likely to have been cause by the pound notes.

I make it a regular habit to use hand gel immediately after handling the smelly money

I have generally found, from observations based on reading travel sites, that the people who complained most about Egyptian Tummy tended to stay in the higher class of hotel, rarely ventured out and if they did would not dare to eat out. That being the case they also came into contact with very little Egyptian cash. I put the Egyptian Tummy down to very different things than the money.

HEPZIBAH wrote:

Horus wrote:I used to keep a special wallet for Egypt to avoid being reminded of the smell after I arrived home

I still do that. I have one for Egypt, one for Morocco, and one for Euro zone countries. Each have their own unique aroma.

Me too, I have some cheap purses with money from different countries. I can smell which is which. Last month, I was surprised to find Egyptian banknotes in a more delicate wallet, just when I could use some unexpected money. At a closer look, they turned out to be fresh one gineh notes that I must have saved along with a beautiful old tenner. I thought they were 200 notes because that was the closest they came in colour.

A tour leader friend of mine kept the last virgin one pound notes that they had in the bank to give as souvenirs to her guests at Abu Simbel. I thought that was nice.

HEPZIBAH wrote:I have generally found, from observations based on reading travel sites, that the people who complained most about Egyptian Tummy tended to stay in the higher class of hotel, rarely ventured out and if they did would not dare to eat out. That being the case they also came into contact with very little Egyptian cash. I put the Egyptian Tummy down to very different things than the money.

I have taken many chances in Africa and lived on street food for months without any problems. The only places where I have become sick are at five star hotel breakfast buffets.