Egypt Pound Currency Guide: From Exchange to Economy

The Egyptian pound is the official currency of Egypt, and it's a fascinating one. The Egyptian pound is subdivided into 100 piastres, but in reality, piastres are no longer in circulation.

You can exchange your money for Egyptian pounds at banks, currency exchange offices, or even some hotels. Be aware that the exchange rates may vary depending on the location and the type of currency you're exchanging.

The Egyptian economy is heavily dependent on tourism, with many visitors coming to the country each year to explore its ancient history and culture. This has a significant impact on the country's currency exchange rates.

In Egypt, you can use cash, credit cards, or debit cards to make purchases, but it's always a good idea to have some local currency on hand, especially when traveling to rural areas.

The Egyptian pound has a rich history that dates back to 1834, when it replaced the piastre as the country's official currency.

The pound was named after the British currency, which was a major player in international finance at the time. This naming convention has stuck, and the Egyptian pound is still abbreviated as EGP.

The Egyptian pound was initially pegged to the British pound sterling, a relationship that lasted until 1962. This was a significant period for the country's economy, as it was heavily influenced by British finance.

In 1834, the Egyptian pound was introduced with a fixed rate bimetallic standard of gold and silver. This meant that the currency was backed by both precious metals, providing a stable foundation for the economy.

The piastre continued to circulate as a 100th portion of the pound, essentially becoming a one-cent coin. This coin was later divided again and renamed the millimes in 1916.

The Central Bank of Egypt was founded in 1961, becoming the country's monetary authority and controlling the circulation of the Egyptian pound. This marked a significant shift in the country's economic management.

In 1962, Egypt changed the valuation of the pound and pegged it to the US dollar. This decision had a major impact on the country's economy and currency value.

The Egyptian pound was devalued in 1973 and again in 1978, reflecting the country's economic challenges during that period. The currency was partially pegged to the dollar until 2016, when the government decided to free float the currency.

You can get hold of Egyptian pounds once in Egypt through various options, such as bureaux de change at airports and ports, banks, and even some hotels.

Many hotels will exchange British currency for Egyptian pounds, but be aware that the exchange rate offered will vary by location.

It can be worth shopping around to find the best exchange rate, as it does in other places.

Bureaux de change at airports and ports are also options, but the exchange rate may not be as favorable as other locations.

You should have a good idea of what’s happening with exchange rates in Egypt after reading this.

The Egypt pound has had its fair share of changes in the exchange and trade market. Until 2016, the EGP was partially pegged to the US dollar.

In an effort to receive a $12 billion bailout from the IMF, Egypt made the bold decision to unpeg the pound and become a free-floating currency. This move led to a significant drop in the value of the EGP.

The unpegging of the EGP in 2016 had a profound impact on the country's economy. It's a good reminder that currency exchange rates can be unpredictable and influenced by global economic events.

The Egyptian pound (EGP) has a rich history, dating back to 1834 when it replaced the Egyptian piastre. The EGP was initially tied to the gold and silver bi-metal standard, and later pegged to the British pound sterling (GBP) until 1962.

In 1962, Egypt changed its currency valuation and pegged the EGP to the USD, a move that would have significant implications for the economy. The currency was devalued in 1973 and again in 1978, before being partially pegged to the dollar until 2016.

The Central Bank of Egypt, established in 1961, plays a crucial role in controlling the circulation of the EGP. The bank's decision to free float the currency in 2016 allowed Egypt to receive funding from the IMF, marking a significant shift in the country's economic policy.

The Central Bank of Egypt has played a crucial role in shaping the value of the EGP. In 2001, the bank introduced a managed float to stabilize the currency, which continued until 2016.

The bank's decision to allow the EGP to float freely in 2016 had significant consequences. The currency plummeted in value, devaluing by 32.3% and continuing to lose value.

Egypt unpegged its currency to be free-floating in 2016 to receive a $12 billion bailout loan from the International Monetary Fund. This move was a deliberate choice to address the country's economic challenges.

The value of the EGP has fluctuated over the years, with a dollar equivalent to about 15 Egyptian pounds as of September 2021. This is a notable increase from the pre-float exchange rate of 8.8 Egyptian pounds per dollar.

The Central Bank of Egypt has taken steps to stabilize the currency, including raising interest rates by 300 basis points to combat inflation.

Egypt's economy has a long and complex history, with the country being under Ottoman and British rule until it declared itself a republic in 1953. Decades of involvement in regional wars have taken a toll on the nation, its economy, and its people.

Agriculture, petroleum, and tourism are the main drivers of Egypt's economy. In 2020, tourism generated $1.8 billion in revenue between July and December, compared to $7.2 billion in the same period in 2019.

The COVID-19 pandemic had a significant impact on Egypt's economy, with interest rates being cut in response to the damaging lockdown measures. However, the country still has one of the highest real interest rates in the world.

High inflation became a major issue after Egypt implemented austerity measures in exchange for receiving financial assistance from the IMF. In July 2017, inflation surged to 33% due to actions such as hiking fuel prices and devaluing the currency.

The Central Bank of Egypt has increased major interest rates by almost 300 points in an effort to tame inflation, which is currently at 31.9%. The IMF provided a loan of 3 billion dollars to help salvage the country's ailing economy.

In 2016, Egypt announced unpegging the pound and making it a free-floating currency, which led to a quick drop in its value. This decision was made with the aim of receiving a $12 billion bailout from the IMF.

The Egyptian pound is a strong currency, especially when compared to its peers. In 2020, it was the strongest performer against the dollar amongst its peers, and it is expected to remain stable in the near future.

However, the Egyptian pound has faced significant challenges, including a drop of about 20 to the greenback in 2023, making it one of the worst-performing currencies globally.

Exchange rates can be a bit of a challenge when traveling to Egypt, but there are several options to get hold of Egyptian pounds once you're there. You can exchange money at airports and ports, banks, or even some hotels.

The exchange rate you're offered will vary by location, so it's worth shopping around to get the best deal. As of 05/01/2025, the exchange rate is 1 Egyptian Pound = 0.0197 US Dollar.

To give you a better idea, here are some popular exchange rates for sending Egyptian pounds to different countries:

A closed currency is a type of currency that can't be exchanged for other currencies, but that's not the case for all currencies. The Egyptian pound, for example, isn't a closed currency.

Recent devaluation has made the Egyptian pound a bit volatile, so it's not the best time to exchange for it.

The Egyptian pound (EGP) has been a relatively stable currency in recent years, with a fixed exchange rate to the US dollar from 2016. However, the EGP was partially pegged to the US dollar until 2016.

In 2016, Egypt unpegged the pound and made it a free-floating currency, which caused the value of the EGP to drop quickly.

The exchange rate for EGP to USD has been relatively consistent over the past few weeks, with a rate of 1 EGP = 0.0197 USD as of 05/01/2025 16:34.

Here's a table showing the exchange rate history for EGP to USD over the past few weeks:

The EGP has been stable against the dollar over the past year, and is expected to remain stable in the near future, according to certain rating agencies.

If you're looking to send Egyptian Pounds abroad, you'll want to know the current exchange rates. As of the latest currency exchange rates, 1 Egyptian Pound is equivalent to 0.0197 US Dollar.

The exchange rate to the British Pound is also worth noting, with 1 Egyptian Pound being equivalent to 0.016 British Pound when sending to the UK.

Here's a breakdown of the exchange rates for sending Egyptian Pounds to various countries:

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

If you're planning a trip to Egypt, you're probably wondering how many British pounds you'll need to bring along. As of September 20, 2021, there are 21.47 Egyptian pounds to the British pound.

You can easily convert your pounds to Egyptian pounds using online tools like XE.com. For example, if you want to convert 1 GBP to EGP, you can use XE.com's currency converter. This will give you the current exchange rate, which is 21.47 EGP per 1 GBP.

If you're sending money to Egypt, you should be aware that the Egyptian Central Bank has floated the pound, which means the exchange rate is now determined by the market rather than being pegged to the US dollar.