HomeCurrency Updates

Egypt to issue polymer banknotes in June for 1st time

The Central Bank of Egypt (CBE) is planning on implementing a decision to issue polymer EGP 10 banknotes in June.

This coincides with the inauguration of the new printing house in the New Administrative Capital in June, Khaled Farouk added to the local private newspaper. 

Polymer banknotes are known for being more durable and harder to fake. The decision to issue polymer banknotes was first announced in 2018. The country was set to implement the decision by 2020, according to remarks by CBE Governor Tarek Amer late in 2018.

Farouk told that the CBE had finished all studies required to issue the country’s first polymer banknotes in cooperation with local and international companies in picking the designs.

Farouk affirmed the keenness to issue these kind of banknotes as they last longer and are harder to destroy or distort. He added that they are made of eco-friendly materials and are resistant to moisture, water and microbes.

The new printing house in the New Capital, east of Cairo, is the biggest across the country and is capable of printing all categories of paper and polymer money, Farouk said, noting that it has four production lines. 

Distorting or writing on paper banknotes is illegal in Egypt, as per a draft law approved by the parliament in May last year. However, no penalty has been officially approved for such act. In July 2020, Tamer El-Dakkak, the legal advisor to the CBE, urged citizens not to write on banknotes as this costs the state huge sums of money.

Source : Ahram Online

Like Tweet Pin it Share Share Email

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *