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Sunday, 09 May 2021

Central Bank of Egypt to issue new polymer banknotes by mid-year

Citizens can still use traditional paper money currently in circulation in all of their financial transactions, the CBE said

Ahram Online , Monday 15 Mar 2021
EGP 10 banknote
EGP 10 banknote
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The Central Bank of Egypt (CBE) will issue new polymer banknotes by mid-year at the new printing house in the New Administrative Capital (NAC), east of Cairo, the CBE said in a statement on Sunday.
 
The CBE had recently announced that Egypt will issue a polymer version of the EGP 10 banknote in 2021.
 
The statement explained that the CBE aims to fully benefit from the advantages of the more durable and harder to fake polymer banknotes as many European countries do.
 
Citizens can still use traditional paper money currently in circulation in all of their financial transactions, the CBE said.
 
The decision to issue polymer banknotes was first announced in 2018. 
 
Khaled Farouk, the deputy governor of the CBE, said in press remarks earlier this year that new polymer notes will be made from eco-friendly materials and are resistant to moisture, water and microbes.
 
The new printing house at the NAC is the biggest across the country and is capable of printing all categories of paper and polymer banknotes, Farouk said, noting that it has four production lines.
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