Egypt to switch to plastic currency

Plastic currencies are produced from polymer, which was first used as currency-making material in Australia in 1988. In 1968, that nation began researching a scientific solution to combat forgeries of the new decimal currency after it issued its $10 notes in 1966. The state spent 10 years in trials to overcome technical problems. In 1996, Securency International was formed as a joint venture between the Reserve Bank of Australia (RBA) and Innovia Films to market the technology.

The Bank of England claims polymer is cleaner and more durable than other currency-comprising materials, and it allows the addition of extra security features. Polymer reportedly about 2.5 times longer than paper notes, although they take longer to biodegrade.

The study revealed that at the end of the lifecycle of paper money, it is usually torn and transported to the landfill. The polymer sheets extracted from the circulation are chopped into granules and used to manufacture every- day plastics, such as garden furniture.

As per the Egyptian Currency, the CBE will begin printing categories of plastic money, gradually, starting with the LE 10 category to test market acceptance on the long term. Experts expect that a transition to plastic currency will reflect a new economic image for Egypt, and tell Egypt Today that it will positively reflect on the Egyptian economy.

“Printing the new currency from the new administrative capital gives a message that Egypt will start a new economic era bringing prosperity and economic welfare to all Egyptians in 2020,” Economic Expert Shimaa Emara explains. “This currency has a lot of benefits like long life several times than paper one, its printing cost is less than the paper one and it is considerably difficult to fake.”

Source: egypttoday.com


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