Saturday 03 April 2021
I wrote – Manal Al-Masry:
The Central Bank is close to issuing the first plastic currency (polymer) from the 10-pound banknote next June with the opening of the cash press in the New Administrative Capital.
The Central Bank aims to issue the first Egyptian plastic currency to keep pace with global developments and 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.
Engineer Khaled Farouk, Deputy Governor of the Central Bank of the Currency Printing House, had previously told Masrawy that the bank intends to start the implementation of the first 10-pound plastic currency made of polymer material next June with the opening of the Cash House printing press in the new administrative capital on That the 20 EGP plastic denomination be issued after 6 months at the end of next December of the same year.
Masrawy presents in the following lines the advantages of using plastic coins compared to paper:
1- It has a longer life span than a paper banknote, so it lasts 3 times the life span of its paper counterpart.
2- Resistant to damage and against water.
3- Coins that are not polluting the environment because they are made of “polymer.”
4- Its low cost due to its longer shelf life.
5- Resistant to counterfeiting.
And 6 other countries use plastic currencies, which are Canada, New Zealand, Romania, the Sultanate of Brunei, Papua New Guinea and Vietnam, in addition to Australia.
Many other countries use plastic currency along with paper currency, including Britain, Mexico, Russia, and Saudi Arabia, which have not abolished the use of the usual currency categorically so far.