Egypt Introduces Plastic Cash in November 2021
The Central Bank of Egypt will begin by introducing 10-pound denominations, before 20-pound denominations follow.
Start waving those old worn and weary banknotes falling apart in your wallet goodbye, because starting this November, polymer plastic banknotes will begin circulating, gradually replacing paper cash.
The Central Bank of Egypt (CBE) will begin by introducing 10-pound denominations, before 20-pound denominations follow.
Polymer plastic banknotes present a host of benefits. With a lifecycle estimated to be four times longer than paper notes, their non-deteriorating status keeps down the costs of producing new notes.
Despite intuitive fears that introducing another plastic into the environment isn’t exactly the Green thing to do, a study commissioned by the Bank of Canada found that their production requires 30% less energy than traditional paper cash, while the Bank of England released findings that polymer plastic banknotes are more environmentally-friendly due to their longer life.
Further, boasting durability in their tear- and water-resistance, polymer plastic notes transmit fewer microbes, while they incorporate a technology that protects against counterfeit attempts. Plus, you won’t have to worry about getting change held together by sellotape anymore.
While previews of these plastic notes have been released, it should be noted that these are not the final designs, and that they are subject to change within the coming months.
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