Egypt to Issue Polymer Banknotes by Mid-2021

The Central Bank of Egypt (CBE) intends to issue plastic money “Polymer banknotes” to replace the current one by mid-2021 at its printing facility in the New Administrative Capital’s printing facilities, according to the Cabinet's Media Center.

The center added in a statement on Thursday that printing will start immediately after reviewing the latest in money printing, the polymer technology.

It stated that the central bank seeks to replace the old currency to gain full benefit from the advantages of plastic money. The newer version will be waterproof, hard to set on fire, and difficult to rip up.

Egypt’s tendency to offer plastic money is a positive step, to keep pace with global developments, especially since there are a number of countries that issued plastic money because of its many advantages, namely fighting counterfeit money, and controlling the money market.

Meantime, CBE denied the cancellation of dealing in the pound currency in the markets, including continuation of dealing with all banknotes in circulation in the market, including the paper pound for use in all financial transactions.

In the meantime, the central bank denied the cancellation of dealing in the current version, stressing the continuation of dealing with all banknotes in circulation in the market, including the paper pound, to be used in all financial transactions.