Egyptian pound: Wikis

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Egyptian pound
جنيه مصرى (Arabic)
Obverse of EGP 1 reverse of EGP 1
Obverse of EGP 1 reverse of EGP 1
ISO 4217 Code EGP
Official user(s)  Egypt
Unofficial user(s) Palestinian National Authority Gaza Strip (Palestinian Territories), alongside Israeli new sheqel
Inflation 18% [1]
Subunit
1/100 قرش, qirsh (piastre)
1/1000 مليم, maleem (millieme)
Symbol EGP ,E£, LE, or ج.م
قرش, qirsh (piastre) Pt.
Coins 5, 10, 20, 25, 50 Piastres, 1 Pound
Banknotes 5, 10, 25, 50 Piastres
1, 5, 10, 20, 50, 100, 200 Pounds
Central bank Central Bank of Egypt
Website www.cbe.org.eg

The Egyptian pound or gineih[2] (Arabic: الجنيه المصرى‎, el-Gineih el-Miṣrī) (sign: £ or ج.م; code: EGP) is the currency of Egypt. It is divided into 100 qirsh (قرش) (pronounced irsh[3], piastres in English), or 1000 malleem (Arabic: مليم‎) (milliemes).

The ISO 4217 code is EGP. Locally, the abbreviation LE or L.E., which stands for livre égyptienne (French for Egyptian pound) is frequently used. and £E are also much less-frequently used. Locally in Arabic, .ج.م is used as an abbreviation for el-Gineih el-Maṣrī. The Egyptian Arabic name, gineih, may be related to the English name guinea.

Contents

History

In 1834, a Royal Decree promulgating a Parliamentary Bill was issued providing for the issuing of an Egyptian currency based on a bimetallic base. The Egyptian pound was introduced, replacing the Egyptian piastre as the chief unit of currency. The piastre continued to circulate, as 1100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued and the piastre was divided into tenths (عشرالقرش oshr el-qirsh). These tenths were renamed malleem (milliemes) in 1916.

The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with 1 Egyptian Pound = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at par.

The first one Egyptian Pound banknote issued in 1899

Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of 1 Egyptian pound = 2.3 dollars. This peg was changed to 1 Egyptian pound = 2.55555 dollars in 1973 when the dollar was devalued. The Egyptian pound was itself devalued in 1978 to a peg of 1 Egyptian pound = 1.42857 dollars (1 dollar = 0.7 Egyptian pound). The Egyptian pound floated in 1989; however, the float is tightly managed by the Central Bank of Egypt and foreign exchange controls are in effect.

The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.

For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.

Coins

Between 1834 and 1836, copper 1 and 5 para, silver 10 and 20 para, 1, 5, 10 and 20 piastre, gold 5, 10 and 20 piastre and 1 pound coins were introduced, with gold 50 piastre coins following in 1839. (40 para = 1 piastre.) Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 2½ piastre coins in 1863. Gold 25 piastre coins were introduced in 1867.

In 1885, a new coinage was introduced consisting of bronze ¼, ½, 1, 2 and 5 millieme, silver 1, 2, 5, 10 and 20 piastre coins. The gold coinage practically ceased, with only small numbers of 5 and 10 piastre coins issued.

In 1916 and 1917, a new base metal coinage was introduced consisting of bronze ½ maleem and holed, cupro-nickel 1, 2, 5 and 10 maleem coins. Silver 2, 5, 10 and 20 piastre coins continued to be issued, and a gold 1 pound coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 and 50 piastre and 1 and 5 pound coins. In 1924, bronze replaced cupro-nickel in the 1 maleem coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5 and 10 maleem coins were introduced, followed in 1944 by silver, hexagonal 2 piastre coins.

Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1, 5 and 20 maleem and silver 5, 10 and 20 piastre coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2 maleem coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced.

Aluminium replaced aluminium-bronze in the 1, 5 and 10 maleem coins in 1972, followed by brass in the 5 and 10 maleem coins in 1973. Aluminium-bronze 2 piastre and cupro-nickel 20 piastre coins were introduced in 1980, followed by aluminium-bronze 1 and 5 piastre coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993.

On June 1, 2006, 50 piastre and 1 pound coins were introduced, with the equivalent banknotes to be scrapped later. The coins bear the faces of Cleopatra VII and Tutankhamun, and the 1 pound coin is bimetallic. Coins, even for the smallest amounts, are encountered much less frequently than notes but coins down to 5 piastres remain legal currency.

Coins in circulation [4]
Value Deput Image Specifications Description
Obverse Reverse Diameter (mm) Thickness (mm) Mass (g) Composition Obverse Reverse
5 Piastres 1984 5 EPT reverse 1984.jpg 5 EPT obverse 1984.jpg 23 1.2 4.9 Copper 95% Aluminum 5% 3 pyramids of Giza
1992 5 EPT obverse.JPG 5 EPT reverse.JPG 21 1.1 3.2 Copper 92%
Aluminum 8%
Islamic pottery
2004 17 1.04 2.4 Steel 94%
Nickel 2%
Copper plating 4%
10 Piastres 1984 10 EPT obverse 1984.JPG 10 EPT reverse 1984.JPG 25 1.35 5.2 Copper 75% Nickel 25% Mosque of Muhammad Ali
1992 10 EPT obverse.JPG 10 EPT reverse.JPG 23 1.2 4.9 Copper 95% Aluminum 5%
2008 10 EPT obverse 2008.JPG 10 EPT reverse 2008.JPG 19 1.1 3.2 Steel 94%
Copper 2%
Nickel plating 4%
20 Piastres 1984 10 EPT obverse 1984.JPG 20 EPT reverse 1984.JPG 27 1.4 6 Copper 75% Nickel 25%
1992 20 EPT obverse.JPG 20 EPT reverse.JPG 25 1.35 5.2 Copper 95%
Aluminum 5%
Al-Azhar mosque
25 Piastres 1993 25 EPT obverse.JPG 25 EPT reverse.JPG 1.4
2008 2008-25 EPT obverse.JPG 2008-25 EPT reverse.JPG 21 1.26 4.5 Steel 94%
Copper 2%
Nickel plating 4%
50 Piastres 2005 50 EPT obverse.JPG 50 EPT reverse.JPG 25 1.58 6.5 Copper 75%
Zinc 20%
Nickel 5%
2007 23 1.7 Steel 94%
Nickel 2%
Copper plating 4%
1 Pound 2005 100 EPT obverse.JPG 100 EPT reverse.JPG 25 1.89 8.5 Bimetal Tutankhamun's mask
Ring Centre
Copper 75%
Nickel 25%
Copper 75%
Zinc 20%
Nickel 5%
2007 1.96 Steel 94%
Copper 2%
Nickel plating 4%
Steel 94%
Nickel 2%
Copper plating 4%
2008

Banknotes

In 1899, the National Bank of Egypt introduced notes in denominations of 50 qirsh, 1 5, 10, 50 and 100 gineih were introduced. Between 1916 and 1917, 25 qirsh notes were added, together with government currency notes for 5 and 10 qirsh. Issued intermittently, the 5 and 10 qirsh are today produced by the Ministry of Finance.

In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 Piasters, 1, 5 Pounds, 10 and 20 Pounds notes were introduced in 1976, followed by 100 gineih in 1978, 50 Pound in 1993 and 200 Egyptian Pounds in 2007.[5]

All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse and English and Hindu Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring an Ancient Egyptian building. During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce a 200 and 500 Pound notes. As of 2007, there are 200 Pound notes circulating in Egypt and subsequently 500 Pound notes will start circulating. As of the summer of 2009, banknotes of one pound and one half pound are being phased out, replaced by more extensive use of coins. Presumably quarter pound notes will be phased out as well.

Current Series
Image Value Dimensions (mm) Main color Description
Obverse Reverse Obverse Reverse
0.25 EGP obverse.jpg 0.25 EGP reverse.jpg 25 piastres 130 × 70 Light blue Mosque of umm-al-mu'minīn Aisha Egyptian coat of arms
0.5 EGP obverse.JPG 0.5 EGP reverse.JPG 50 piastres 135 × 70 Light green Al-Azhar Mosque Ramesses II
1 EGP obverse.JPG 1 EGP reverse.JPG 1 Pound 140 × 70 Orange Qaitbay Mosque Abu Simbel
5 EGP obverse.JPG 5 EGP reverse.JPG 5 Pounds 145 × 70 Bluish-green Mosque of Ibn Tulun A Pharaonic engraving symbolizing the River Nile offering its bounties to the valley.
10 EGP obverse.JPG 10 EGP reverse.JPG 10 Pounds 150 × 70 Pink Al Rifa'i Mosque Khafra
20 EGP obverse.jpg 20 EGP reverse.JPG 20 Pounds 155 × 70 Green Mosque of Muhammad Ali A Pharaonic war chariot
50 EGP obverse.jpg 50 EGP reverse.jpg 50 Pounds 160 × 70 Brownish-red Abu Huraiba Mosque Temple of Edfu
100 EGP obverse.JPG 100 EGP reverse.JPG 100 Pounds 165 × 70 Purple Sultan Hassan Mosque Sphinx
200 EGP obverse.JPG 200 egp reverse.jpg 200 Pounds 175 × 80 Olive Mosque of Qanibay The Seated Scribe

Popular denominations and nomenclature

Several unofficial popular names are used to refer to different values of Egyptian currency. These include nicklah for 2 milliemes, ta'rifa [taʕˈriːfa] for 5 milliemes, shilin for 5 piastres, bariza [baˈriːza] for 10 piastres, and reyal for 20 piastres.

Different sums of EGP have special nicknames, for example: 100 EGP astik "rubber band"; 1,000 EGP bako "pack"; 1,000,000 EGP arnab [arˈnab] "rabbit"; 1,000,000,000 EGP feel "elephant".

Historical exchange rates

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Pound sterling

This table shows the value of one pound sterling in Egyptian pounds:

Date Official rate
1885 to 1949 EGP 1
2008 EGP 10.0775
2009 EGP 8.50

US dollar

The historical value of one U.S. dollar in Egyptian pounds from 1885 to 2009

This table shows the historical value of one U.S. dollar in Egyptian pounds:

Date Official rate
1789 to 1799 EGP 0.002
1800 to 1824 EGP 0.06
1825 to 1884 EGP 0.14
1885 to 1939 EGP 0.20
1940 to 1949 EGP 0.25
1950 to 1967 EGP 0.36
1968 to 1978 EGP 0.40
1979 to 1988 EGP 0.60
1989 EGP 0.83
1990 EGP 1.50
1991 EGP 3.00
1992 EGP 3.33
1993 to 1998 EGP 3.39
1999 EGP 3.40
2000 EGP 3.42 to EGP 3.75
2001 EGP 3.75 to EGP 4.50
2002 EGP 4.50 to EGP 4.62
2003 EGP 4.82 to EGP 6.13
2004 EGP 6.13 to EGP 6.28
2005 to 2006 EGP 5.75
2007 EGP 5.64 to EGP 5.5
2008 EGP 5.5 to EGP 5.29
2009 EGP 5.75

Current EGP exchange rates

From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

External links


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