CAIRO: Egypt’s Ministry of Finance announced that it is to issue 2 million Suez Canal commemorative coins, each worth 1 EGP ($0.12,) monthly, Youm7 reported Friday.
“Egyptians flocked to buy the coin, as a commemorative coin for the Suez Canal, although it was planned to be put on the market through the Central Bank and the Public Treasury Authority to be used in selling and purchasing,” consultant of Minister of Finance for Engineering Affairs Sherif Hazem told Youm7.
The Egyptian Mint Authority has already minted around 5 million metal coins imprinted with the logo of Suez Canal, said Hazem.
The Ministry of Finance is planning to mint from 80 to 100 million additional commemorative coins by the end of 2015, to meet the increasing demand.
In July, Egypt’s Cabinet approved the Suez Canal Authority’s proposal to issue commemorative coins for the inauguration of the New Suez Canal on Aug. 6.
Aside from the pound coins, commemorative 21-carat gold coins in different weights; including quarter and half ounce as well as two-five ounces were also issued and put up for sale.
One face of the coin shows the New Suez Canal logo and the phrase “The New Suez Canal from Egypt to the entire world,” while the other side holds an image of two ships crossing the canal in two opposite directions, along with its inauguration date of Aug. 6.
Some 8 million EGP ($1.08 million) worth of Suez Canal gold plates were sold five days after being put on sale, announced Egypt’s public treasury Chairman, Mohammed Fathi Tuesday.
“The gold plates were of four weight categories: quarter ounce for 4,100 EGP ($523,) half ounce for 8,200 EGP ($1,046,) one ounce for 16,400 EGP ($2,093) and two ounces for 32,800 EGP ($4,185,) Fathi told Youm7.
He added that the gold plates were put up for sale at the headquarters through the Ministry of Finance’s public treasury in downtown Cairo and not through banks.