Egypt’s CBE to Start Printing Polymer Money in New Administrative Capital’s Printing House
The cash printing house in the New Administrative Capital of the Central Bank of Egypt will begin printing plastic money made of polymer following the opening of the CBE’s new printing house. The bank plans to start printing and offering plastic LE10 notes on the local market by June this year.
Earlier, official sources confirmed that the CBE was seeking to fully benefit from the advantages of plastic money that European countries were using. The sources said that several Egyptian officials have already traveled to European countries, including the UK and Switzerland to study the latest technology on printing polymer coins.
And Deputy Governor of the Central Bank Khaled Farouk assured that this new money will not replace the money circulating in the local market, but rather the two will be traded together. In previous statements to the Akhbar El-Yom news portal, Farouk explained that preparations were underway at the new central bank printing press to conduct operational tests of new printing machines to begin printing polymer money.
According to statements by CBE Governor Tarek Amer, the bank scheduled to start printing LE20 of polymer during the second half of 2021. The Central Bank of Egypt has finalized construction work of the new central bank’s printing press in the New Administrative Capital. All new printing machines that were imported from abroad have been installed, and operational trials are underway for them.