Paper Money

Egypt reveals first polymer bank note for later release

Egypt’s first polymer bank notes will be introduced by early November, said the Egyptian Independent on Aug. 1.

The announcement was made by the office of the Egyptian presidency. It included a photo of President Abdel Fattah al-Sisi examining samples of the new notes in a binder during a July 31 meeting with Prime Minister Mostafa Madbouly and the governor of the Central Bank of Egypt, Tarek Amer.

The bank released images, which are being referred to as “suggested designs” with new holographic additions, to Egyptian media on Aug. 2.

The new notes are being printed at the Central Bank of Egypt’s new security printing facility, which opened in June. It is located in Egypt’s New Administrative Capital, the name (so far) of the new capital city, which has been under construction since 2015. The 270-square-mile city is 28 miles east of Cairo and is planned for an eventual population of up to 7 million people.

The announcement also said that advanced raw materials for the new bills will meet the latest international standards. Polymer is particularly important for a country with a climate such as Egypt’s. The bank cited less spoilage, a longer lifespan compared to paper, its water resistance, environmental friendliness and greater difficulty for counterfeiters due to the level of technology used in their manufacture.

The 10-pound note will be the first denomination issued, followed by the 20-pound note. The polymer notes will be used concurrently with the paper ones, the Independent says, with “the bank carefully measuring reactions to the new money before printing the 20-pound plastic notes.”

Ten Egyptian pounds are the U.S. equivalent of about 64 cents.

The Central Bank of Egypt says that the designs will remain the same.

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