Egypt announces its first polymer banknote for 2020
The Central Bank of Egypt has announced its intention to start issuing polymer banknotes from 2020. The first polymer banknote will be a 10-pounds note, according to gdnonline.com.
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.
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