Egypt Currencies 101: A Guide to Egyptian Pounds and Trade

The Egyptian pound is the official currency of Egypt, and it's been in circulation since 1834. It's denoted by the symbol EGP.

You can exchange your currency for Egyptian pounds at airports, banks, and currency exchange offices. The exchange rate varies depending on the location and the type of currency being exchanged.

One Egyptian pound is divided into 100 piastres, but piastres are no longer in circulation. You'll only see piastre values on older prices or in certain historical contexts.

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The history of Egyptian currency is a fascinating story that spans thousands of years. The first recorded currency in Egypt was the shekel, dating back to around 3000 BC.

The shekel was made of electrum, a naturally occurring alloy of gold and silver, and was used for both trade and as a form of payment for labor. The ancient Egyptians also used other forms of currency, including copper and bronze.

One of the most iconic Egyptian currencies is the gold dinar, which was introduced during the Islamic period in Egypt. The gold dinar was a major breakthrough in Egyptian currency, as it was a standardized unit of exchange that was widely accepted across the region.

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Egypt's currency has a rich history, with various denominations and names being used over the years.

The piastre and millieme were once used, but they're no longer legal tender, making way for the 25 PT coin, which is currently the smallest denomination minted.

In the past, unofficial names were used to refer to different denominations of Egyptian currency, such as nekla for 2 milliemes and ta'rifa for 5 milliemes.

These colloquial names were often used in vernacular speech and have mostly fallen into disuse, surviving only as curios.

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The Central Bank has played a significant role in shaping the value of the Egyptian pound. It intervened in 2001 by starting a managed float.

The Central Bank of Egypt decided in 2016 to allow the currency to float freely, which led to a sharp decline in its value. The bank raised interest rates by 300 basis points to combat expected inflation.

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The value of the EGP plummeted after the Central Bank's decision, devaluing by 32.3%. The bank's move allowed Egypt to receive a $12 billion bailout loan from the International Monetary Fund (IMF).

Before the float, a U.S. dollar was worth 8.8 Egyptian pounds, but after the unpegging, it became equivalent to about 15 Egyptian pounds.

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Egyptian currency comes in the form of banknotes, which have been issued by the National Bank of Egypt and the Central Bank of Egypt since 1899. The notes are bilingual, featuring Arabic texts and Eastern Arabic numerals on the obverse and English texts and Western Arabic numerals on the reverse.

The Central Bank of Egypt took over from the National Bank in 1961 and introduced new notes in denominations of 25 and 50 piastres. The banknotes are made of paper and feature various designs, including Islamic buildings and Ancient Egyptian motifs.

The current series of Egyptian banknotes includes notes in denominations of 25 PT, 50 PT, £1, £5, £10, £20, £50, £100, and £200. The notes come in different colors and feature various designs, such as mosques, temples, and statues.

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Here's a list of the current series of Egyptian banknotes:

The ancient Egyptians used a variety of coins in their daily lives. The earliest coins were made of electrum, a naturally occurring alloy of gold and silver.

Coins were an essential part of everyday transactions, and they were widely accepted as a form of payment. The Egyptians used coins to buy goods and services, just like we do today.

The most common coins were made of copper and featured the image of the pharaoh on one side and a symbol of the god Amun on the other. These coins were used for small transactions, such as buying food and household items.

Some coins were also made of silver, which was more valuable than copper. These coins were used for larger transactions, such as buying luxury items like jewelry and fine clothing.

The Egyptians were innovative in their coin-making techniques, using a variety of methods to produce coins, including casting and stamping.

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Egyptian banknotes have a rich history, with the National Bank of Egypt introducing notes in denominations of 50 PT, £1, £5, £10, £50, and £100 as far back as 1899. These early notes were later joined by government currency notes for 5 PT and 10 PT.

The Central Bank of Egypt took over from the National Bank in 1961 and issued notes in denominations of 25 and 50 piastres. Today, all Egyptian banknotes are bilingual, featuring Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse.

In 1976, the Central Bank of Egypt introduced £1, £5, £10, and £20 notes, followed by £100 in 1978, £50 in 1993, and £200 in 2007. Obverse designs often feature Islamic buildings, while reverse designs showcase Ancient Egyptian motifs, such as buildings, statues, and inscriptions.

Here's a list of current banknote denominations, their dimensions, main colors, and descriptions:

The Central Bank of Egypt has recently introduced polymer notes, starting with the £10 and £20 denominations in 2021. The new notes feature secure watermarking features, including rainbow holograms, to prevent counterfeiting.

You can physically convert Egyptian pounds (EGP) to dollars at any currency exchange counter, such as those found at airports, or at banks that exchange certain currencies.

To mathematically convert EGP to dollars, you would multiply the EGP amount by 0.064, as 1 EGP equals 0.064 dollars.

Converting EGP to euros is a bit more complicated, but there's a simple solution: there are 18.44 Egyptian pounds to the euro as of September 20, 2021.

If you need to convert other currencies to EGP, you can use online resources like XE.com, which provides conversion rates for various currencies, including USD to EGP and GBP to EGP.

Here's a quick reference guide to help you with common currency conversions:

Keep in mind that exchange rates can fluctuate, so it's always a good idea to double-check the current rates before making any transactions.

The official currency in Egypt is the Egyptian Pound (EGP), and you'll find most ATMs dispense cash in this currency.

You can withdraw up to 5,000 EGP per transaction, although the withdrawal limit may vary by bank. It's a good idea to be aware of your home bank's withdrawal limits as well.

You might encounter local ATM fees when using an Egyptian bank's ATM, which can range from 30 to 50 EGP per transaction.

Additionally, your home bank might charge a foreign transaction fee, which can range from 1% to 3% of the transaction amount.

To avoid extra fees, it's usually best to decline the option to convert the transaction into your home currency and choose to be charged in EGP instead.

The Egyptian pound is a fascinating currency, and understanding it can make a big difference in your travels to Egypt.

The Egyptian pound, also known as the EGP, has a rich history dating back to 1834 when it replaced the Egyptian piastre.

It's widely accepted in Egypt, especially in major cities like Cairo, Alexandria, Luxor, and Aswan, as well as popular tourist spots.

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The EGP is divided into 100 piasters, with quarter and half piaster coins being used on a micro-scale, although these are seldom used by tourists.

You can find a variety of EGP denominations, including 5, 10, 20, 50, 100, and 200 bills, each featuring Islamic monuments on one side and ancient Egyptian artifacts on the other.

Each bill has both Arabic and English writing, making it easy to distinguish the value, although you may need to flip the bill over to see the English side.

In addition to bills, you can also find 1 pound coins and notes, although these are not commonly used by tourists.

One interesting fact is that the Egyptian pound was pegged to the British pound sterling until 1962 and then to the US dollar until 2016, when it was freed to float.

As of September 2021, one EGP is worth approximately $0.064 USD, making it a relatively strong currency.

Here's a rough guide to help you understand the EGP's value:

Remember to always check if a business accepts foreign currency, and be prepared to exchange it for EGP if necessary.

The Egyptian pound has been the country's official currency since 1834. It's divided into 100 piastres.

The pound was pegged to the British pound at a fixed rate from 1914 to 1952, leading to a stable exchange rate. This stability helped attract foreign investment and tourism.

In 2016, the pound was floated, allowing its value to fluctuate on the foreign exchange market. This change aimed to stimulate economic growth and reduce inflation.

The Central Bank of Egypt controls the money supply and regulates the exchange rate to maintain economic stability. It also issues banknotes and coins.

The Egyptian government has implemented various economic reforms, including a value-added tax (VAT) in 2016, to reduce its budget deficit and increase revenue. These reforms have been aimed at making the economy more sustainable and attractive to investors.

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The Egyptian pound (EGP) is the official currency of Egypt, with the symbol E£. The Central Bank of Egypt introduced a managed float in 2001, which lasted until 2016, when it transitioned to a free float.

A U.S. dollar was initially worth 8.8 Egyptian pounds before the float, but afterwards it was equivalent to about 15 Egyptian pounds. The EGP is also used as the unofficial currency in regions such as Sudan and the Gaza Strip.

Egyptians have their own informal names for different denominations of their currency, including baku (pack), arnab (rabbit), and feel (elephant).