Confusion in Egyptian Markets Due to the Debate Over Paper and Plastic Currencies
Egyptian markets have experienced confusion in dealing with paper currencies, as the country moves towards issuing smaller denominations of money using polymer material. According to local media reports, citizens have faced difficulties using paper pounds, with some taxi drivers and public bus operators refusing to accept them, believing they are no longer in circulation.
The Central Bank of Egypt confirmed that all paper currency denominations remain valid and denied rumors circulating about the cancellation of some denominations with the introduction of polymer alternatives. It clarified that all paper bills remain in circulation, emphasizing that refusing to accept them is a legal violation that could result in a fine.
المركزى المصرى: “طرح العملة البلاستيكية الشهر المقبل جنباً إلى جنب مع العملة الحالية، وتبدأ بفئة الـ ١٠ جنيه”#انجازات_مصر pic.twitter.com/TRv2vXJLDZ
— انجازات مصر 🇪🇬 Egypt (@engazatmasr2020) May 23, 2021
In a related development, a new controversy arose regarding the circulation of a 10-pound paper note dated January 2025, despite previous announcements about printing this denomination in polymer. A source at the Central Bank explained that the printing process includes previously stored paper, as well as the printing of new plastic bills when replacing worn-out denominations.
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p class=”” data-start=”1202″ data-end=”1448″>The Central Bank began issuing polymer currencies in July 2022, starting with the 10-pound denomination, and added the 20-pound denomination in June 2023, confirming that all previous paper bills will continue to circulate without being canceled.
