The Egyptian Pound: A Guide to Currency, Economy, and Exchange

The Egyptian Pound is the official currency of Egypt, and it's divided into 100 piasters. It's been the country's main form of currency since 1834.

You can exchange your money for Egyptian Pounds at airports, banks, and currency exchange offices. The exchange rate can fluctuate depending on various economic factors.

Egypt's economy is primarily driven by agriculture, industry, and tourism, which contributes significantly to the country's GDP. Tourism is a major source of foreign exchange earnings for Egypt.

The Egyptian Pound is pegged to the US Dollar, which means its value is tied to the value of the US Dollar. This exchange rate is fixed by the Central Bank of Egypt.

The Egyptian Pound (EGP) is the official currency of Egypt, designated by ISO 4217.

You can identify an Egyptian pound by its symbol, E£, which is also sometimes noted as LE for livre égyptienne, French for Egyptian pound.

As of September 20, 2021, one EGP is equivalent to roughly $0.064 USD.

The Egyptian pound has a wide range of denominations, making it easy to use in everyday transactions. You can find notes in various denominations, including 25 piastres, 50 piastres, 1 pound, 5 pounds, 10 pounds, 20 pounds, 50 pounds, 100 pounds, and 200 pounds.

In addition to these larger denominations, you can also find coins in smaller denominations such as 10 piastres, 25 piastres, and 50 piastres.

Here are the available note denominations in a concise list:

And here are the available coin denominations:

The Egyptian pound has a rich history that dates back to 1834, when it was first introduced. Prior to this, the currency used in Egypt was the piastre, which was based on the Turkish kurus.

The Egyptian pound has a variety of denominations, both in paper and coin form.

The paper currency denominations include 25 piastres, 50 piastres, 1 pound, 5 pounds, 10 pounds, 20 pounds, 50 pounds, 100 pounds, and 200 pounds.

You can also find coins in denominations of 10 piastres, 25 piastres, 50 piastres, and 1 pound.

Here are the available paper currency denominations:

And here are the available coin denominations:

The Egyptian pound has a rich history dating back to 1834. The currency was previously the piastre, which was based on the Turkish kurus.

The piastre was inherited from Egypt's time as part of the Ottoman empire. The Egyptian pound was named after the British currency, which was the most important form of international finance at the time.

The introduction of the Egyptian pound marked a significant change in the country's currency system.

Using your card in Egypt can be a convenient option, especially in tourist areas where many shops, hotels, and restaurants accept payment by credit or debit card.

Most big hotels and established stores and restaurants will accept Mastercard and Visa, and contactless payments are common.

Smaller hotels, cafés, shops, and markets are more likely to expect cash, so it's a good idea to have some local currency on hand.

Not many places may accept American Express and Diners Club cards, so it's best to have an alternative payment method.

It's also a good idea to check with your bank about any hidden fees that may apply when using your card abroad.

With the Travelex Money Card, you can make contactless payments with no hidden charges, which can be a big help when keeping track of your holiday spending.

Converting EGP to dollars can be done physically at a currency exchange counter, or mathematically by multiplying the EGP amount by 0.064, as 1 EGP equals 0.064 dollars.

You can find currency exchange counters at airports, and some banks also exchange certain currencies. I've personally used a currency exchange counter at a busy airport with great results.

To give you a better idea of the current exchange rate, here's a table showing the exchange rate between EGP and some major currencies:

Note that exchange rates can fluctuate, so it's always a good idea to check the current rate before making a conversion.

The Egyptian pound has had its fair share of ups and downs. In 2001, the Central Bank of Egypt introduced a managed float, but it wasn't until 2016 that the currency was allowed to float freely, leading to a 32.3% devaluation.

The bank's decision to float the currency also led to a significant increase in interest rates, by 300 basis points, to combat expected inflation. This move was a necessary step to stabilize the economy.

By 2020, the Egyptian pound had proven to be a strong performer against the dollar, making it the strongest amongst its peers. As of 2021, one U.S. dollar was equivalent to about 15.7 Egyptian pounds, a far cry from the 8.8 pounds it was worth before the float.

The Egyptian pound is not a closed currency, but its recent devaluation has made it a bit volatile.

There's a shortage of banknotes, which is why Travelex doesn't currently offer exchange for Egyptian pounds.

To make the most of your money, you might want to check out our guide to travelling Egypt on a budget.

Egypt's economy is heavily dependent on agriculture, petroleum, and tourism, with a wide disparity in incomes and wealth distribution. The country's history of regional wars, including those in Yemen, the Sinai Peninsula, and the Gaza Strip, has taken a toll on its economy and people.

Tourism, in particular, was severely impacted by the COVID-19 pandemic, generating only $1.8 billion in revenue between July and December 2020, compared to $7.2 billion in the same period in 2019.

The country's high inflation rate of 33% in July 2017 was a direct result of austerity measures implemented in exchange for financial assistance from the IMF. This included hiking fuel prices, adding extra taxes on tobacco, and devaluing the currency.

Egypt unpegged its currency to float freely in 2016, allowing the value to plummet by 32.3% and continuing to lose value. This decision was made in order to receive a $12 billion bailout loan from the International Monetary Fund (IMF).

The Egyptian pound is a fairly strong currency, but it's not on the same level as the dollar, euro, or pound sterling. It's still classified as an emerging market currency.

In 2020, it was the strongest performer against the dollar amongst its peers.

The exchange rate for the Egyptian Pound (EGP) against other currencies is a crucial aspect to consider when dealing with the currency.

As of now, the interbank exchange rate for the Egyptian Pound is 61.713100 EGP for every 1 GBP.

The exchange rate for the Egyptian Pound against other currencies varies, but here are some key rates:

Analysts at Fitch Solutions expect the Egyptian pound to remain vulnerable against the dollar in their EGP forecast. They see potential for some relief in 2023, stating that Egypt's agreement with the IMF will ease pressures in the short term and reduce uncertainties.

The USD/EGP forecast indicates that the Egyptian pound could climb to a fresh high over the next year, rising from 27.00 at the end of this quarter to 29.59 in 12 months’ time, according to TradingEconomics.

WalletInvestor's EGP forecast for 2023 shows the pound trading at 27.073 against the US dollar by the end of the year, climbing to 29.732 in 2025 and 32.331 in five years’ time.

The EUR/EGP forecast also indicates that the Egyptian pound could continue to weaken against the euro, with predictions showing the EUR/EGP rate rising from 28.1759 at the end of this quarter to 29.3940 in one year.