Central Bank of Egypt (CBE) Governor Tarek Amer said Wednesday that the new plastic banknotes the CBE intends to release into circulation by 2020 will be made of polymer and will last twice as long as the paper banknotes. Using these banknotes in Egypt will be positive for the longer-term circulation of banknotes in the markets, he said. Amer said that the plastic banknotes will not be similar to coins but will be the size of paper banknotes and contain the same design according to each note. Economists praised the decision, saying that the plastic banknotes would help reduce counterfeited currency. Previously, economist Fakhry al-Fekki said that the plastic banknotes would save the banknotes from mishandling.

Source: Egypt Independent December 12, 2018 13:30 UTC