Asharq stated that all the procedures to coin and issue the new currency were finalized; what is left is the final approval of the Central Bank of Egypt (CBE) and the cabinet.

In July 2022, Egypt issued the first EGP 10 polymer banknote, followed by a EGP 20 banknote.

The country's annual inflation has decreased in the past four months, reaching 27.1 percent in July.

However, the monthly headline inflation rate increased in June to 1.8 percent, up from -0.8 percent in May, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egypt devalued the currency after its agreement with the International Monetary Fund (IMF) to extend its loan from $3 to $8 billion in March, leading to a rise in the inflation rate and a decline in purchasing power.