The new polymer 20-pound banknote has been dominating social networking sites since last night due to the spread of rumors about its introduction every now and then, especially during different holiday seasons.
As a result of the currently circulating news, many Egyptian citizens are asking about the official date of release of the new plastic currency, as rumors around this issue spread from time to time, especially around Egyptian Holidays.
In the same context, a banking source close to the Printing and Monetary Department of the Central Bank of Egypt revealed, in exclusive statements to “Al-Mawqea” the fact that the 20-pound plastic currency will be released during the coming days, commenting: So far, there is no official decision to release it during the days of Eid Al-Adha so far. However, the central bank department responsible for designing and offering has already started the implementation process.
According to “almawq3.com”, the source added that once they issue the new banknote, the CBE will distribute it to all government and private banks operating in Egypt, to see and measure the extent of acceptance of that currency among Egyptian citizens.
And regarding releasing the currency during the days of Eid al-Adha, nothing is set in stone yet, but the bank is expected to start offering it next week in banks.
He further pointed out that every once in a while, rumors circulate about releasing different categories of polymer currencies, for example, issuing a 500-pound as one sheet, and this is completely untrue, explaining: The issuance of currencies is not as simple as some may believe, as releasing any new currency entails different meetings.
After that, the decision is presented to the concerned authorities to discuss the matter, examine the reaction of citizens, and measure their acceptance of the currency.
Addressing the official form of the plastic 20-pound note, he commented: Its official form is similar to the version circulating all over social media, but the official one is yet to be disclosed.
Moreover, the Central Bank indicated in a statement that the advantages of the new polymer currencies include the following:
- Resistance to water, heat, and moisture.
- Environmentally friendly and recyclable.
- Hard to falsify.
- Longevity of up to 12 years.
- Lower printing costs in the long run.
