Walid Nagy, Vice President of THE EGYPTIAN LAND BANK , denied making any statements about the direction of the Central Bank of Egypt to issue any new currencies or new monetary categories, or to cancel other monetary categories.
Walid Nagy stressed that the statements attributed to him are completely false, explaining that THE PROCESS OF ISSUING CURRENCIES and their different monetary denominations is the competence of the Central Bank of Egypt alone.
He added that he stated that the denominations of the quarter and a half pounds are still in circulation and have not been canceled, and that there has been talk in advance about the offering of the five hundred pound denomination, but this decision belongs to the Central Bank at the time it deems appropriate and based on the variables and need.
Some WEBSITES had published a report on the Central Bank’s tendency to ISSUE NEW 500-POUND COINS , similar to the European Union’s issuance of a 500-euro