Egypt : Gov’t to replace paper banknotes with plastic

The money in Egypt may feel a little funny in another year or so. That’s because the Egyptian central bank will start printing plastic banknotes instead of the paper currency currently in use. CGTN’s Yasser Hakim reports from Cairo.

Most of Egyptian pound notes are made from paper. But from 2020, the paper money will cease to exist in Egypt. It will be replaced by plastic notes.

There are only 44 countries currently using plastic notes. But Experts say plastic is a better option than paper.

SABER SHAKER, PROFESSOR OF ECONOMICS HELWAN UNIVERSITY “Number One is high quality compared to paper notes. Number two the lifespan is twice compared to the paper money. Number three, to reduce the hygiene effect and negative impact of paper money on the health.”

The plastic money can also be recycled. The Central Bank says it has purchased the specialized printing machine and will be installed soon at the New Administrative Capital. Experts calmed any fears of currency destabilization once the new notes are introduced in the market.

Source: news.cgtn

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