Last Update 6:8
Saturday, 31 July 2021

Egypt to issue polymer banknotes in June for 1st time, CBE official tells Masrawy

Issuance coincides with the inauguration of new printing house in New Administrative Capital this June

Ahram Online , Sunday 10 Jan 2021
Banknotes
Egyptian banknotes (Photo: Reuters)
Share/Bookmark
Share/Bookmark
The Central Bank of Egypt (CBE) is planning on implementing a decision to issue polymer EGP 10 banknotes in June, the deputy governor of the CBE told Masrawy.
 
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.
 
Farouk told Masrawy 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.
Short link:

 

Latest

© 2010 Ahram Online.