The Evolution of Banknotes in Egypt: From Gold Coins to Polymer Currency

Updated 4/27/2025 9:26:00 AM

Recently, the Egyptian Cabinet addressed rumors regarding the Central Bank of Egypt’s (CBE) alleged decision to stop printing polymer (plastic) banknotes for the EGP 10 and EGP 20 denominations. The Cabinet clarified that no such decision had been made and confirmed the ongoing circulation of both polymer and paper versions of the EGP 10 and EGP 20 banknotes concurrently.

The polymer banknotes are the latest series issued by the CBE, expanding its long-standing role in banknote issuance, a responsibility it has maintained since 1960.

In this Factsheet, we will explore the evolution of banknote issuance in Egypt and provide insights into the current money circulation within the Egyptian economy.

In 1834, a decree introduced an Egyptian currency based on a gold and silver bimetallic system, granting the government exclusive rights to mint coins. The Egyptian pound was minted and circulated in 1836.
After a financial crisis due to external debt, the 1885 Monetary Reform Law established the gold standard, unifying the currency under the Egyptian gold pound and ending the bimetallic system.
Gold coins dominated transactions until 1898, when the National Bank of Egypt (NBE) was founded and granted a 50-year right to issue gold-convertible banknotes, starting in 1899.
In 1960, Law No. 250, later amended by Law No. 377, established the CBE, giving it exclusive authority to issue banknotes and introducing updates to designs, colors, and watermarks.
To meet Egypt’s growing economic needs, the CBE introduced higher denomination notes: EGP 20 in 1977, EGP 100 in 1979, EGP 50 in 1993, and EGP 200 in 2007. In 2022, the CBE issued a polymer EGP 10 note, using the latest banknote printing technologies.
Generally, a country issues higher-denomination banknotes to keep up with inflation, support larger transactions, and reduce printing and handling costs.
At the end of 2024, the value of banknotes circulating in Egypt reached EGP 1.24 trillion, distributed as follows: EGP 179 million in 25-piaster notes, EGP 655 million in 50-piaster notes, EGP 2.76 billion in EGP 1 notes, EGP 4.05 billion in EGP 5 notes, EGP 10.38 billion in EGP 10 notes, EGP 9.86 billion in EGP 20 notes, EGP 37.38 billion in EGP 50 notes, EGP 350.23 billion in EGP 100 notes, and EGP 820.15 billion in EGP 200 notes.

By: Amina Hussein