A fine of 100 pounds for those who refuse to deal in paper pounds
Leaflets distributed in various subway stations revealed that a fine of up to 100 pounds will be imposed on those who refrain from trading the paper pound or the 50 piasters, according to Article No. 377 of the Penal Code, which stipulates “punishment with a fine not exceeding one hundred pounds for anyone who refrains from Acceptance of the country’s currency or coins at the value in which they were traded, and that they were not forged or falsified.
On the other hand, the National Bank, Banque Misr and Banque du Caire are preparing to launch a fund to support the capital of emerging financial technology companies next October, with a capital of up to one billion pounds as a minimum, while opening the door for contribution to any bank or financial institution wishing to participate, based on the importance of keeping pace with Global developments in the field of financial technology, and in implementation of the directives issued by President Abdel Fattah El-Sisi with regard to supporting innovative youth in the financial technology sectors as well as the feed technology sectors to build an advanced Egyptian technological base capable of achieving leadership at the African and Arab levels in this field.
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