CBE denies issuance of LE500 banknote

The Egyptian Cabinet’s media center denied rumors on social media that the Central Bank of Egypt (CBE) issued LE500 and LE1000 banknotes.

The center said in a statement on Sunday that it had contacted CBE, which confirmed that all paper currencies traded in the market were issued in the conventional form without any changes and without the introduction of any new banknotes.

CBE pointed out that the issuance of new banknotes is subject to complex economic equations and strict international security standards.

It stressed the importance of the state’s tendency to reduce banknotes transactions and said that the LE200 banknote is the largest paper currency in Egypt at present and there is no intent to issue new banknotes.

CBE appealed to various media and social media users to investigate accuracy and objectivity in disseminating news and to communicate with the concerned authorities to confirm the credibility of news before publishing information that may not be based on fact and may lead to confusion of the public, negatively impacting the economic situation.

Edited translation from Al-Masry Al-Youm

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