Egypt is reportedly advancing towards the introduction of a digital currency, the E-Pound, as part of a broader initiative to digitize financial services. The Information and Decision Support Center of the Egyptian Council of Ministers has developed a research project outlining key strategic directions for the Egyptian economy from 2024 to 2030.
The central objective of the project is to introduce a digital currency issued by the Central Bank of Egypt, known as the Digital Pound or E-Pound, by the year 2030. The initiative is intended to enhance the competitiveness of the national currency and improve monetary policy efficiency. Leveraging digital transformation is a crucial aspect of advancing the Egyptian financial sector.
The research document underscores Egypt’s commitment to the development of its financial sector and aims to achieve a 100% financial inclusion rate by 2030, covering both financial services and digital payment systems. The government plans to increase the number of digital financial wallets to approximately 80 million by 2030, aligning with broader goals of fostering digital financial inclusion and expanding the usage of digital financial services across the country.
Abdel Moneim al-Sayed, the Director of the Cairo Center for Economic and Strategic Studies, highlighted the significance of the digital Pound in response to the recent announcement by the Central Bank of Egypt regarding its forthcoming issuance. The digital Pound is envisioned as the electronic counterpart to the traditional paper Pound, and it is expected to facilitate transactions through the electronic payment system. This move aligns with the government’s broader objectives to embrace digital transformation and reduce reliance on paper currency transactions.
