A leap into the future

Marking a leap into the future, the nation’s first polymer banknote is deemed to be a milestone achievement for boosting the green economy. The 10-pound polymer bill is a step of a series of highly required measures to upgrade the country’s banknote system.

The new polymer bill is part of the state’s endeavors to cut the cost of printing banknotes and raise the quality of Egyptian money as many of the present banknotes are easily damaged due to misuse.  

Why polymer banknotes?

A study conducted by the International Monetary Fund (IMF) says that polymer outperforms paper as the plastic bills reduce global warming potential by roughly 32 per cent and cut primary energy demand by roughly 30 per cent. Polymer banknotes, which are environment-friendly, also improve cash circulation. Polymer bills are expected to combat money counterfeiting and consequently tighten control the money market.

Furthermore, plastic banknotes weigh less than paper ones, so even their transportation and distribution are easier on the environment. Polymer banknotes also last more than twice as long as paper money.

In addition to slashing the printing cost of money, polymer banknotes have been a global trend for the past decade. Polymer banknotes are used in more than 30 countries all over the world, including the United Kingdom, Switzerland, Canada, Vietnam, New Zealand, Romania, Nigeria and Australia, which was the first country to issue plastic banknotes in 1988.

However, it should be well noted that although plastic bills are strong, they are slippery and not easy to be held or counted. It will take some time for the man in the street to get used to smoother bills. In this regard, the media should inform the public on how to safely use polymer bills.

It should also be noted that the future will be for plastic bills and e-payment. To this end, the whole culture of using money should be changed in Egypt. Advanced and developing countries are going cashless, drawing more and more on e-payment solutions.  

The 10-pound polymer bill is only the beginning of more steps to be taken to modernise Egypt’s payment system in the new republic.