Cairo: The Central Bank of Egypt (CBE) is planning to launch new plastic or polymer banknotes by the year 2020.
In a statement to state-run Middle East News Agency (MENA), CBE Governor Tarek Amer said that the polymer banknotes would be more durable than paper ones.
“Polymer banknotes are already being used in major economies,” he said, adding that the initiative would benefit Egypt’s currency market, slash printing costs and enhance the quality of banknotes.
He said banks would start issuing the polymer banknotes, with a denomination of 10 pounds, at its printing headquarters in the new administrative capital.
The environment-friendly plastic or polymer banknotes have recently started to compete with conventional paper ones.
Recent studies have revealed that polymer banknotes last up to 2.5 times longer than paper, depending on the specific geography, climate and culture of the country, in addition to their security features.