Egypt Independent

Central Bank of Egypt bans circulation of banknotes with phrases

The Central Bank of Egypt (CBE) announced on Monday it would ban the circulation of any banknotes bearing textual phrases, stressing that the money would not be accepted in any bank transactions.

Extra News channel quoted the CBE as saying that it would not recognize any currencies with text phrases in the banks. The source added that texts and stamps put by citizens causes banknotes to lose one of their main signs of its authenticity.

The source said that the CBE is keeping pace with all the international developments regarding the bank insurance marks, including the absence of any markings on banknotes, and that this same rule is applied all over the world.