For First Time.. CBE To Issue Egyptian Plastic Currencies

Paper currencies raw material are usually a blend of cotton and linen, 75 percent and 25 percent respectively.

Research suggests that paper money can be a shelter for thousands of microbes, which move from everything it touches to the banknote.

The central bank of Egypt (CBE) intends to issue plastic currencies “Polymer banknotes” to replace the current one this year. The new banknotes will be printed in the New Administrative Capital’s printing facilities.

The CBE stressed that the design of the 10 pounds and all banknotes in circulation in the markets will be exactly the same without any changes, adding that the bank will not offer any new categories, except a polymer 10 pounds banknote.

Meantime the bank will inaugurate in its new headquarters the largest printing facility, which will be equipped with the latest currency production machines in the world, and will start issuing Egyptian "plastic" currencies for the first time, starting with the category of 10 pounds.

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.

Despite the high cost of issuing these currencies, they are considered non-polluting currencies, and they have a greater life span than paper banknotes.

In order to reduce the cost of printing, CBE will start with the category of EGP 10 to maintain the quality, cleanliness of money and extend its duration usage.

Polymer banknotes were first issued by the Reserve Bank of Australia (RBA) in 1988. Other countries also switched to polymer banknotes including Canada, New Zealand, Romania, Vietnam, United Kingdom, Nigeria, Chile, Mexico, the Russian Federation, Armenia. Egypt is expected to introduce the newer version of polymer banknotes this year. The newer version is waterproof, hard to set on fire, and difficult to rip up.

Although the cost of issuing paper currency is much lower than coins, the latter life duration is between 15 and 30 years, depending on the materials assembled in the manufacturing process, which can vary between copper, nickel, aluminum, steel, and zinc.