ATMs offering coins for citizens to be operated in Cairo soon: Finance Ministry

The Finance Ministry is considering signing an agreement with a European company to buy a number of ATMs that would enable citizens to get coins in exchange for banknotes (paper money).

In a statement on Tuesday, the ministry said that a free trial of one such ATM machines will be offered first by the European company before inking a contract to make sure of its usefulness.

The machines will be installed once the deal is sealed at Cairo’s major Metro stations to make it easy for citizens to obtain coins needed for purchasing Metro tickets, said the statement.

The measure will later on expand nationwide to cover most of the governorates, the statement added.

The ministry is also considering the issuance of new coins of EGP 2 denomination in a bid to solve the change shortage, a measure that is similar to which is being followed in a number of Arab and European countries with the aim to make it easier for citizens to find a sufficient supply of change in circulation in the market, read the statement.

The Egyptian Mint Authority is willing to issue larger quantities of coins of various denominations in the coming period to be offered in markets, said the statement.

For his part, Abdel Raouf el Ahmadi, head of the Egyptian Mint Authority, said that the authority has already prepared large quantities of coins to be offered on the occasion of Eidul Adha (Greater Bairam), which is a peak season for local trade.

The current fiscal year will witness the issuance of larger quantities of coins, compared with the past fiscal year, a move that comes in accordance with the action plan that has been endorsed by Finance Minister Mohamed Maait, Ahmadi added.

Egypt Today Contribution Time: 23-Aug-2018 10:24 (GMT)
Egypt Today Last Update Time: 23-Aug-2018 10:24 (GMT)