Egypt's banknotes with scribbling: tradable or not?

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Egypt's banknotes with scribbling: tradable or not?

Post by DJKeefy » Tue Mar 12, 2019 9:57 pm

12 March 2019: A week ago, an official at the Central Bank of Egypt (CBE) announced that banknotes with writings or scribbles are untradable, a step begged a question on the possibility of trading with them as some experts see the decision inapplicable.

One day later, the CBE denied the announcement officially. But, another high-profile official at the Central Bank had warned people of dealing with banknotes with any scribbles.

Despite the CBE’s official denial of this announcement, governmental institutions stopped dealing with banknotes that have writings. The CBE’s decision was taken after members of the outlawed Muslim Brotherhood and opponents started trading with banknotes have phrases insulting President Abdel Fatah al-Sisi and pro-opposition writings.

A police officer at a Metro station, southern Cairo, told a citizen spoke on condition of anonymity that such notes are not tradable and impermissible in the governmental institutions. The citizen added that his money was checked by a police officer at the metro station over having a 5-pound note with a scribble insulting the President.

“I told him [the police officer] that I took this note from a microbus driver; and after he checked all money with me, he let me go advising me to be sure that money I have should not have such scribbles,” the citizen told Egypt Today.

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‘Ill-considered decision’

“The CBE’s decision is intimidating and ill-considered,” lawyer Yasser al-Sayed Ahmed told Egypt Today on Monday. He added that the decision is inapplicable as the bank did not collected all money with scribbles since the issuance of the decision on March 5, saying that the prosecution has no right to direct any accusations against those who possess such money.

“Possession of money with [insulting] scribbles or phrases does not mean the possessor belongs to an outlawed group or anti-government organization,” he continued.

Despite Ahmed’s comments on prosecution’s authority, police personnel have the right to interrogate and arrest anyone could be “suspect” as per the judicial police powers.

Member of Board of Directors at Suez Canal Bank Mohamed Abdel-Aal told al-Hayat al-Youm talk show on Al-Hayat T.V. channel that CBE had issued several times directions to national banks to stop dealing with notes with scribbles, noting that the CBE will collect scribbled money and throw it away.

However, legal expert Mohamed Shafiq told state-owned newspaper al-Ahram that the collecting and cutting unwanted notes could be very costly.


Money with scribbles from ATMs!

Few minutes following the CBE's decision, social media users made fun of it as the ATMs give, sometimes, money with scribbles.

One of Twitter user said that he withdrew money with scribblings from an ATM and went to the bank to change them but the bank officials were trying to convince him the notes are tradable. But he insisted on changing them as some people refuse dealing with money with scribbling.

To get rid of scribbled money, other users suggested that anyone possesses money with scribbles could deposit them in an ATM and then withdraw the same amount of money.

Source: http://www.egypttoday.com/Article/3/669 ... ble-or-not


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Re: Egypt's banknotes with scribbling: tradable or not?

Post by hatusu » Wed Mar 13, 2019 4:15 am

Are we still in March, or fast forwarded to April 1st?

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Re: Egypt's banknotes with scribbling: tradable or not?

Post by Dusak » Wed Mar 13, 2019 7:47 am

Egyptian paper money must be one of the filthiest on the planet, when I use it and finished for the day I use the Detol hand sanitize you can now buy here from the pharmacies, 35Le. If you take any torn notes to the bank to change, even when the number is still visible, they will only give you 50% back of the face value, which I see as another con. Over the years I've had money refused in shops, even though I have been given then in the bank, so I begrudgingly change it with another note, and guess what, sometimes in the change there is a note in far worse condition, so I insist that they change it for a better one. I thought Egypt was going to get the new plastic notes shortly?
Life is your's to do with as you wish- do not let other's try to control it for you. Count Dusak- 1345.

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Re: Egypt's banknotes with scribbling: tradable or not?

Post by John Landon » Wed Mar 13, 2019 7:52 am

I had the same issue in the hotel's I stayed at in Hisaronu in Turkey. They would not change UK currency with writing on them.

Once ALL our notes are the plastic ones, this should remove the problem.

Perhaps the Egyptian banks should follow suit, ? issue plastic notes, then no one can write on them anyway... :cg

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Re: Egypt's banknotes with scribbling: tradable or not?

Post by Mad Dilys » Wed Mar 13, 2019 7:55 am

Someone will find a way John, they do like a challenge. ;)
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Re: Egypt's banknotes with scribbling: tradable or not?

Post by carrie » Wed Mar 13, 2019 9:02 am

Yes John I had that problem in Turkey too, It's financially better to withdraw cash from the ATM's in GB Pounds than Turkish Lira and although the banks refuse to take UK money with writing on quite often the money from the ATM's had marks on them. I brought quite a lot of marked UK currency back here with me because there was no problem changing it here.

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