Egypt’s Central Bank Releases First Polymer Banknotes
The Central Bank of Egypt (CBE) has decided to introduce a new ten-pound (EGP) banknote made from polymer using the latest production lines at the bank’s new printing press in the New Administrative Capital (NAC), according to a statement issued by the bank on July 5, 2022.
The bank said that this is to keep pace with the latest global and technological measures in securing and printing the currency in circulation. Citizens can obtain the new notes from any one of the more than 4,500 branches of Egyptian banks.
The new polymer notes are characterized by flexibility, strength, and longer shelf life, making them more long-lasting and sustainable than the traditionally-used cotton paper banknotes, in addition to being water-resistant and less affected by dust.
The polymer notes are environmentally friendly, recyclable, and more resistant to pollution compared to paper currency denominations in circulation. Coming with high-quality security features using international standards, the new notes also help to combat counterfeiting of the national currency.
This comes within the framework of Egypt’s aim to raise the quality of banknotes circulating in the market, cut printing costs, and contribute to the sustainable development programmes adopted as part of Egypt Vision 2030.
Sub Governor of CBE’s Banknote Printing House Khaled Farouk said that the plastic version of the EGP 10 note would be first off the press and the bank would monitor the citizen’s reactions to the new format. He also said that the new polymer notes would not replace the paper money currently in circulation and that both would be traded together.
The new currency has the image of NAC’s Al-Fattah Al-Aleem Mosque on the one side, and the Statue of Hatshepsut, the fifth pharaoh of the Eighteenth Dynasty of Egypt and the second historically confirmed female pharaoh, printed on the reverse side, throwing light on Egypt’s landmark and cultural symbols. Bank officials stated that the new polymer currency linked the nobility of ancient Egyptian history with the modern era.