The Central Bank of Egypt (CBE) will begin printing polymer banknotes upon inauguration of its new printing house in June, according to statements by the CBE’s Deputy Khalid Farouq to “Akhbar al-Youm” news website.
Farouq added that the CBE is now preparing the new printing machines, ahead of the houses opening.
Egypt’s Central Bank will begin by printing a polymer LE10 note, Farouq pointed out, explaining that the CBE will closely monitor up public reaction to the new notes.
Polymer banknotes are said to be safer due to the inclusion of additional security features that make it harder for people to make counterfeit money.
Polymer banknotes are also considered environmentally-friendly, lasting far longer than paper money and reducing replacement costs, according to the Bank of England on its website.
The UK’s central bank began issuing banknotes made of plastic in 2016, and have already produced a polymer £5 note and £10 note, with plans to issue a polymer £20 note as well next month.
Canada, meanwhile, began investing in polymer banknotes in 2011 after determining that the production of polymer currency proved less harmful for the environment when compared to paper currency.
According to a 2016 article in Finance & Development, the IMF’s flagship magazine, paper currency is usually shredded and taken to a landfill, while polymer banknotes taken out of circulation are turned to pellets and recycled,
Australia, which now uses polymer banknotes exclusively, first issued polymer currency in 1988. Polymer banknotes are also used in Vietnam and New Zealand, among other countries.
