According to today’s statement, CBE is looking to reap from the advantages of plastic money that European countries have reached
The Central Bank of Egypt has announced that Egypt will begin to print new polymer plastic banknotes by the middle of 2021, with production through its printing press in the New Administrative Capital, according to the cabinet’s media center.
The CBE had previously announced that it would begin the process in 2020 back in 2019, but has most likely delayed production due to the pandemic.
According to today’s statement, CBE is looking to reap from the advantages of plastic money that European countries have reached.
Polymer or plastic currency is advantageous in hot climate countries that often have sweaty hands and pockets, with researchers not that paper notes to absorb moisture, thus becoming dirty and limp quickly. Polymer notes or currency is more durable and stays clean for longer in climates such as Egypt’s.
In a quote to Egypt Today on the topic back in 2019, “Printing the new currency from the new administrative capital gives a message that Egypt will start a new economic era bringing prosperity and economic welfare to all Egyptians in 2020,” Economic Expert Shimaa Emara explains. “This currency has a lot of benefits like long life several times than paper one, its printing cost is less than the paper one and it is considerably difficult to fake.”
