The Central Bank of Egypt has started the process of printing the 20-pound plastic currency, and it is scheduled to be put on the market with the advent of Eid al-Adha, according to a source familiar with the Central Bank.
The source added that the Egyptian Bank settled on designing the new 20 pounds, and then started the process of printing the currency in order to put it on the local market during the coming period.
He explained that the details of choosing the design of the new 20 pounds will be announced and the date of its introduction at a later time by the Central Bank Governor.
Last year, the Central Bank of Egypt printed about 2 billion pounds of the new 10-pound currency, and put it on the market with the advent of Eid al-Adha. It also made adjustments to ATMs spread across the republic so that it can accept withdrawals and deposits of the new plastic currency.
The new plastic currency is produced using the latest banknote production lines applied in the world in the new printing house in the Administrative Capital, and its presence does not cancel any of the previous issues of the same category and the continuation of its work and circulation.
The new plastic currency comes within the framework of the Central Bank’s keenness to keep pace with the latest international and technological standards in securing and printing the currency in circulation, and within the framework of implementing a clean monetary policy and raising the quality rates of banknotes in circulation in the Egyptian market, in addition to reducing the cost of printing banknotes, especially the most traded categories, in the long run, given For the longevity of the paper, in line with the sustainable development programs adopted by the state through Egypt’s Vision 2030.
This article was originally published by RT.