Wed, 09 Sep 2020 - 11:11 GMT
FILE - Egyptian currency - Reuters
CAIRO – 10 September 2020: Governor of the Central Bank of Egypt (CBE) Tarek Amer said the country will print new polymer LE 10 ($0.63) and LE 20 (1.27) banknotes as planned earlier starting next year, noting that they would are not meant to cancel the original paper money.
In remarks to media, Amer said the new currency is made of a better material so they can endure frequent use, adding that the new notes will be issued after the government moves its headquarters to the New Administrative Capital east of Cairo.
In July, Deputy Governor of the Central Bank Gamal Negm said that the plastic currency is different from the paper one only in quality, as the raw material for the new currency industry would be the 10-pound category of polymeric material, and there is no difference in the strength of the release.
Plastic currencies are produced from polymer, and was first used as currency-making material in Australia in 1988. In 1968, Australia began researching for 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.
“By 1998, all Australian banknotes were is- sued in plastic and by 2009 Securency was exporting to 25 countries, with more than 3 billion polymer notes in circulation,” notes CSIROpedia.
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 environmental impact of the lifecycle of banknotes worth €3 billion produced in 2003 is equivalent to the environmental impact of driving a car around the world in 9,235 times, according to a study conducted by the Bank of Canada in 2016.
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.