Bank managers said on Sunday that branches of public and private banks have started receiving their share from the newly printed paper money in preparation for Eid al-Fitr.
The Central Bank of Egypt (CBE) has replaced old bank notes, a few days ago, with newer ones in order to meet clients’ requests ahead of the feast. Customers are expected to receive the newer notes and envelop them to children as gifts for the feast “Eidi.”
Every year, ahead of Eid al-Fitr and Eid al-Adha, the central bank issues new bills to all branches to meet customers’ demand.
Demand from customers usually starts on the last 10 days of Ramadan. Each branch allocates a limited amount for its customers, exchanging old bills with new ones.
The new money ranges between 5-200 Egyptian pound bills. However, banks officials pointed out that the category of the 50 pound bills receives the biggest attention in terms of demand.
The share of each branch varies according to the size of clients and the level of turnout and congestion.
The Eidi is a gift that is traditionally distributed by relatives to children as part of the celebration of the two Muslim feasts.