4 Middle Eastern currencies decline in 2023

Inflation and the US interest rate hike contributed to the fluctuation of 4 Middle Eastern currencies.

1. The “Bloomberg” currency index expected that the Egyptian pound might be the most volatile in 2023, and is expected to decline by 10%, to reach 33 pounds against the dollar.

2. The Turkish lira has decreased since September 2021, from 8.3 lira to 18.7.

3. With no president elected, the lira continues to fall in Lebanon, which has now reached 57,000.

4. The Iraqi dinar fell 12% in January, to record 1,600.

Subtract 3 million pounds from the coin

Dr. Mohamed Maait, Minister of Finance, announced the offering of 3 million Egyptian pounds of coins bearing the slogan “People of Determination”.

  This step came in a message of appreciation to the able-bodied, differently, among the best sons of Egypt, who prove every day their will to challenge and overcome difficulties and achieve records in various fields.

This is consistent with the country's motivating efforts; to integrate them into society more; As an authentic and influential partner in all aspects of life.

Coins came to the country's appreciation of inspiring personalities

Major General Hossam Khader, head of the Public Treasury and Coinage Authority, said that the auxiliary coins, "faka", are a tool to express national appreciation for personalities and groups that influence our lives in various political, cultural, social and other aspects, including those with special abilities.

He added that the best design for the “People of Determination” logo was chosen from among 4 designs prepared by the “Public Treasury and Mint” department. Until it is minted on 3 million pounds of “pound” coins.