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Thursday, 14 November 2019

Coins pumped into market with start of school year; What to do with 'change' in Egypt?

Additional coins, known in Egypt as fakkah, are being pumped into the market in time for the start of the new school year to smooth daily financial transactions, especially in transportation

Mohamed Soliman , Wednesday 25 Sep 2019
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(Photo: Ahram Online)
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Small denomination coins are being pumped into the Egyptian market to coincide with the start of the school year, head of the Mint Authority Hossam Khedr said in a statement on Wednesday.

Khedr said the measure aims to provide citizens with currency to use at markets, cars terminals, and the metro.

According to Khedr, the Mint Authority's working hours have been increased to double the production capacity from LE 200 million to 400 million annually in accordance with a plan to produce LE 1.6 billion in metal coins over the next four years.

Meanwhile, the Ministry of Finance issued a statement saying that metal coins are widely available, with LE 15 million in coins distributed across the country monthly.  

"The Cairo metro's daily share of this amount of coins is LE 250,000, and all government agencies have been provided with coins," the statement said.

What can you get for these coins?

Firstly, you can buy EGP 5 metro tickets for a trip of up to nine stops, EGP 7 for six to 16 stops, and EGP 10 for 16 or more stops. They can also be used for bus fares, which range from EGP 3 to EGP 10.

You can also use the coins for a ride in one of the country's ubiquitous microbuses, whose fare can range from EGP 1 to EGP 5.

The coins can also be used for snacks like potato chip products, gum, or cake and donuts products, not to mention that they can come in handy in tipping for various services.

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