Egypt issues LE10 plastic note, continues to work with its paper counterpart

CAIRO - 5 July 2022: The Central Bank of Egypt (CBE) issued Tuesday plastic LE 10 notes.

 

The new banknote was produced using the latest banknote production lines applied in the world in the new printing house in the Administrative Capital.

 

This step comes with an emphasis on not canceling any of the previous issues of the same denomination, and the continuation of its work and circulation, in light of the keenness to keep pace with the latest global and technological measurements in securing and printing the currency in circulation.

 

The CBE said in a statement, Tuesday, that the introduction of the new currency comes within the framework of implementing the clean monetary policy, raising the quality rates of banknotes circulating in the Egyptian market, in addition to reducing the cost of printing banknotes, especially the most traded categories, in the long term due to the longevity of the paper, in line with sustainable development programs adopted by the state through Egypt's Vision 2030.

 

The statement added that the new ten LE10 were designed with a modern and innovative character, as the new currency is adorned with the "Al-Fattah Al-Alim" mosque, as it is one of the landmarks of the Islamic architectural styles in the new administrative capital, as well as the Pharaonic civilization represented in the statue of Hatshepsut, which reflects the identity of the ancient Egyptian state, as the new currency links the nobility of ancient Egyptian history with the modern era, and combines the civilization of the ancestors with what the grandchildren have accomplished.

 

The CBE stated that plastic money is characterized by flexibility, strength, less thickness, and a long life span that reaches about three times the life of the current paper category made of cotton, in addition to being water-resistant and less affected by dust.

 

It is also environmentally friendly, recyclable, and more resistant to pollution compared to other denominations of paper money in circulation, in addition to being more difficult to counterfeit.

 

 

The CBE stressed that the circulation of the new plastic currency comes alongside its paper counterpart of the LE 10 denomination currently in circulation, and citizens can obtain the new plastic  LE 10 through the network of branches of Egyptian banks, which have more than 4,500 branches.

 

Plastic currencies are produced from polymer, and were first used as currency-making material in Australia in 1988.

 

Plastic money is characterized by flexibility, strength, and less thickness, which allows a longer life span of up to about 5 times the life of the paper category made of cotton, in addition to being water-resistant, less affected by dust, environmentally friendly, and much less likely to pollute compared to The denominations of paper money in circulation, in addition to the difficulty of counterfeiting and counterfeiting.

 

Banknotes are printed according to an economic calculation process that takes into account the rate of rise in prices of goods and services produced within the country, the "inflation rate", and the rate of economic growth achieved. "Banknotes" are printed on the basis of calculating the volume of "cash" circulating within the Egyptian economy.

 

The process of withdrawing worn-out banknotes from the market is carried out through the supervision of the Central Bank, by withdrawing the damaged banknote from the market and replacing it with new banknotes.

 

The money issued by the Central Bank enjoys what is called “the power of discharge” in the sense that it is equal in value to goods and services, and it is obligatory for all parties to pay for the value of the monetary category, and when the Central Bank issues a new edition with a different design, the old version of the monetary category is not stopped.

 

Over the past 40 years, the insurance elements of paper currency have evolved, and began with a unified watermark for all categories, the addition of insurance tapes, the addition of visually variable elements in printing inks, the addition of elements against color photography for all denominations, and a custom watermark - in 2012 - For each category separately, which necessitated the replacement of the old categories with the new, with the utmost smoothness that takes into account the circulation of cash.

 

The state resorted to printing the 10 and 20 pounds of polymer material; because it is the most widely traded, as plastic money is characterized as 3 times the life span of its paper or bank counterparts.

Egypt’s Plastic Currency