This punishment awaits them… The Central Bank threatens those who refuse...

The Central Bank of Egypt has vowed, refusing to deal with pound and a half pound paper money in connectors, public transport authorities, in markets and all places, stressing that dealing with it continues and it is not true what some circulate on social media and some websites to stop dealing with it, and responsible sources indicated in The Central Bank of Egypt indicated that leaflets and warnings were sent to all government agencies and interests, subway stations and public transport authorities confirming the validity of dealing in the paper pound, and it is not correct to cancel or stop dealing with it, stressing that the fine awaits everyone who refuses to deal in these categories for his abstention from trading currencies. The official state without a government right or decision.

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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