https://arab.news/pjjf7
- Plastic version of Egyptian 10-pound note will be first off press and central bank will monitor citizens’ reactions
- Plastic money is similar to paper versions but stronger, less perishable, and more difficult to forge
CAIRO: Egypt’s central bank is to start printing plastic money in June.
Khaled Farouk, deputy governor of the Central Bank of Egypt, said operational testing of a new printing press was underway to prepare for the production of polymer notes.
He added that a plastic version of the Egyptian 10-pound note would be first off the press and the bank would monitor citizens’ reactions to the new format.
Plastic money is similar to paper versions but stronger, less perishable, and more difficult to forge. It is also made of environmentally friendly materials which are far less likely to contribute to the spread of viruses.
Farouk said the new polymer notes would not replace paper money currently in circulation and that both would be traded together.