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The currency of Egypt: information on the Egyptian pound

The official currency of Egypt is the Egyptian pound. In this article, we give you important information about this currency. In addition, we tell you its history and we indicate its equivalence with the currencies of other countries.

Below you have an index with all the points that we are going to deal with in this article.

History

The first time a coin began to be used in the territory that Egypt now occupies was in the fourth century B.C., in the empire of Ancient Egypt. At this time, there were bronze, silver and gold coins.

Over the centuries, in Egypt there was no specific currency, only some local. However, two years after an 1834 decree, coins began to be minted whose pattern was based on the value of silver and gold.

Officially, an Egyptian pound amounted to one hundred piasters, and one piastra to forty for. This last fractional coin disappeared in 1885 and the piastra was divided into tenths, known since 1916 as milliemes.

From 1885, it was decided to use the gold pattern, so the Egyptian gold pound was created. As currencies were missing, it was allowed to pay with other foreign currencies such as the pound sterling.

The first banknotes were produced in 1899 by the National Bank of Egypt. These bills were convertible into gold until 1914, when they became the legal tender and, therefore, ceased to be used gold coins.

The first time that watermarked bills were produced was in 1930. Likewise, since 1960, the person in charge of producing the country's bills is the Central Bank of Egypt, although the Egyptian government is also responsible for creating some.

Current currency

At present, the currency of use in Egypt is the Egyptian pound. This is divided into 100 feet or 1,000 milliemes. Its code is EGP and its abbreviation LE, which comes from French livre égyptienne. As for its symbol, E £ is usually used. In Egyptian, the currency is called ginaih.

Today we find metallic coins of 25 and 50 piastras, and 1 pound. As for the tickets, there are 25 and 50 piasters, and 1, 5, 10, 20, 50, 100 and 200 pounds.

In the Egyptian coins and bills we find multiple references to Ancient Egypt. For example, in the 50-piastra coin Cleopatra appears and in the 1-pound one the mask of Tutankhamen.

As for the banknotes, in the 50-piastra we find the image of Ramses II, in the 1-pound one the Egyptian temples of Abu Simbel and in the 100-pound one the Great Sphinx of Giza, among others.

Exchange rate

This is the value of the Egyptian pound with respect to other important currencies of the world:

  • 1.00 EGP = US $ 0.06 (USD)
  • 1.00 EGP = 1.03 Mexican pesos (MXN)
  • 1.00 EGP = 166.70 Colombian pesos (COP)
  • 1.00 EGP = 0.05 euros (EUR)
  • 1.00 EGP = 0.98 Argentine pesos (ARS)
  • 1.00 EGP = 36.31 Chilean pesos (CLP)
  • 1.00 EGP = 0.18 Peruvian soles (PEN)
  • 1.00 EGP = 0.58 Venezuelan Bolivars (FEV)
  • 1.00 EGP = 2.68 Dominican pesos (PDO)
  • 1.00 EGP = 32.37 Costa Rican colones (CRC)

In Egypt you can exchange your currency for the Egyptian pound in banks (which open from Sunday to Thursday), exchange houses and hotels. You can also get money directly from ATMs.

In a part of the establishments it is allowed to pay with credit card. In addition, in some stores they accept payment with euros or dollars.

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