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According to Egyptian newspaper Egypt Independent, the Central Bank of Egypt (CBE) is to start printing 500 million one pound banknotes with the aim of issuing them by the start of Ramadan (7 June 2016).

According to prominent banking sources within the country, printing of the one pound banknote was stopped in favour of the equivalent one pound coin issued in 2005. The banknote reportedly disappeared from circulation in 2010, though technically remained legal tender.

Coins have a much longer lifetime compared to banknotes. They last much longer before they are considered unfit to be used, and are subsequently cheaper for issuing authorities to maintain in circulation.

This is particularly demonstrated when comparing coins with highly utilised low denomination banknotes.

The reason cited for the return of the banknote is due to a need in the local market, to preserve and bolster the value of the local currency.

Read the full article from Egypt Independent here.

It must be noted that the Central Bank of Egypt has yet to confirm these details.