Monday, May 29, 2023
16.2 C
New Jersey

Egypt to Discontinue Printing Two Common Currency Denominations in Anticipation of Replacement.

Must read

Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Egypt’s Cairo 24 website has reported that the central bank will stop printing £10 and £20 paper money later this year and replace it with plastic money.

An official source said that the 20-pound plastic coin will be offered for the first time before Eid and the Governor of the Central Bank will announce all the details related to the 20-pound denomination, especially the agreed design. on the.

He added that the Central Bank continued to print £10 notes even though their plastic form was put on the market as a result of the presence of a large number of £10 notes in the Central Bank’s printing houses, and therefore these notes will not be wasted or destroyed. without benefiting from them.

The Central Bank printed the £10 note again on September 14, 2022, and it is due to be signed by the new Governor of the Central Bank, Hassan Abdullah, less than a month after he took charge, despite printing a plastic replica of the note. This.

The source indicated that another reason for the offer of fiat currencies was the lack of faith among citizens in the abolition of fiat currencies and their continued trade in the markets along with plastic currencies.

He pointed out that the order to print 20-pound banknotes will also apply to 20-pound plastic ones, since their paper printing will be stopped, and by the end of this year the amount available in the printing houses of the Central Bank will be exhausted. .

The Central Bank of Egypt introduced the 10-pound plastic coin made of polymer material last July due to its many benefits, including a longer life compared to the default life of paper money, as well as the fact that that it is environmentally friendly.

The Central Bank of Egypt revealed the printing balance of the £20 note in the Egyptian market to £9.112bn last June, the highest printing rate for the category since June 2021, as the print speed of the £20 note showed a marked decline from £9.100bn. pounds in June 2021 to around £6.924 billion in March 2022 before rising again until it reached £9.112 billion by the end of June last year, the latest statistic released by the Egyptian Central Bank. in their periodic reports.

Plastic money is characterized by flexibility, strength, and less thickness, which ensures a longer service life, about 5 times that of the paper category made from cotton, in addition to water resistance, less dust, green and eco-friendly. much lower exposure to contamination compared to other categories of paper money in circulation, in addition to the difficulty of counterfeiting and counterfeiting.

Source: Cairo 24

More articles

Latest article