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اليوم السابع
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Law Bans Insulting or Damaging Banknotes
The substance summarizes that the Central Bank Law prohibits insulting, defacing, or damaging the currency and restricts its issuance and cancellation solely to the Central Bank. It states that the bank is the only entity authorized to issue and cancel currency, with the Board of Directors determining the denominations, specifications, and related regulations. Banknotes must bear the signature of the Governor. The law prohibits any individual other than the bank from issuing any notes or coins that resemble currency. It also stipulates that issued currency has unlimited legal enforceability and must be backed by a permanent reserve of gold, foreign currency, and Egyptian and foreign government securities to ensure its value.
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