Egypt Plans to Ditch Paper Money and Join The Revolution of Plastic Currency
The Central Bank of Egypt (CBE) recently announced that Egypt will start circulating Polymer banknotes in the year 2020, starting with the LE 10 category first. The new plastic pound will be more durable, lighter, cleaner, and most importantly, made out of an environmentally friendly polymer that can be recycled once it gets worn out. They are also much more difficult to forge!
Gamal Negm, Deputy Governor of the CBE, had previously stated that the new plastic currency lasts longer than paper notes.
And since paper banknotes are known to be a house for several microbes, this year looks like the perfect time for such a move, especially with the spread of the COVID-19 pandemic, and governments making numerous efforts to combat its spread.
The polymer currency is used in more than 30 countries around the world, including China, Singapore, Australia, Canada, UK, among others.