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).
| جنيه مصرى Template:Ar icon | |
|---|---|
| File:1 EGP obverse.JPG Obverse of EGP 1 | |
| ISO 4217 | |
| Code | EGP (numeric: 818) |
| Subunit | 0.01 |
| Unit | |
| Symbol | EGP ,E£, LE, or ج.م |
| Denominations | |
| Subunit | |
| 1/100 | قرش, qirsh (piastre) |
| 1/1000 | مليم, maleem (millieme) |
| Symbol | |
| قرش, qirsh (piastre) | Pt. |
| Banknotes | 5, 10, 25, 50 Piastres 1, 5, 10, 20, 50, 100, 200 Pounds |
| Coins | 5, 10, 20, 25, 50 Piastres, 1 Pound |
| Demographics | |
| Official user(s) |  Egypt |
| Unofficial user(s) |  Gaza Strip (Palestinian Territories), alongside Israeli new sheqel |
| Issuance | |
| Central bank | Central Bank of Egypt |
| Website | www.cbe.org.eg |
| Valuation | |
| Inflation | 18% [1] |
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. E£ and £E are also much less-frequently used. Locally in Arabic, .ج.م is used as an abbreviation for el-Gineih el-Maṣrī.
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 1⁄100 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.
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
| File:0.025 Egyprian piastre 1839.jpg 1⁄40 EPT Coin -1839 |
File:0.025 Egyptian PT 1909.jpg 1⁄40 EPT Coin -1909 |
| File:10 Egyptian PT 1909.jpg 10 EPT Coin -1909 |
File:20 Egyptian PT 1915.jpg 20 EPT coin -1915 |
| File:2 Egyptian Millieme 1916.jpg 2 Millieme Coin -1916 |
File:0.25 Egyptian PT 1933.jpg 21⁄2 Millieme Coin -1933 |
| File:0.5 Egyptian Millieme 1938.jpg 1⁄2 Millieme Coin -1938 |
File:1 Egyptian Pound coin 1938.jpg 1 EGP golden Coin -1938 |
| File:1 Egyptian PT 1943.jpg 10 millieme coin -1943 |
File:2 Egyptian PT 1944.jpg 2 EPT coin -1944 |
| File:1 Egyptian Millieme 1954.jpg 1 millieme coin -1954 |
File:25 Egyptian PT 1970.jpg 25 EPT coin -1970 |
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. (1 Para = 1⁄40 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 21⁄2 piastre coins in 1863. Gold 25 piastre coins were introduced in 1867.
In 1885, a new coinage was introduced consisting of bronze 1⁄4 , 1⁄2 , 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 1⁄2 millieme and holed, cupro-nickel 1, 2, 5 and 10 millieme 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 millieme coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5 and 10 millieme 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 10 millieme and silver 5, 10 and 20 piastre coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2 millieme 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 millieme coins in 1972, followed by brass in the 5 and 10 millieme 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. The size of 5 piastre coins was reduced in 2004, 10 and 25 piastre coins - in 2008.
On June 1, 2006, 50 piastre and 1 pound coins with date 2005 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. The size of 50 piastre coins was reduced in 2007.
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 | File:5 EPT reverse 1984.jpg | File:5 EPT obverse 1984.jpg | 23 | 1.2 | 4.9 | Copper 95% Aluminum 5% | 3 pyramids of Giza |
| |
| 1992 | File:5 EPT obverse.JPG | File: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 | File:10 EPT obverse 1984.JPG | File:10 EPT reverse 1984.JPG | 25 | 1.35 | 5.2 | Copper 75% Nickel 25% | Mosque of Muhammad Ali | |
| 1992 | 23 | 1.2 | 4.9 | Copper 95% Aluminum 5% | ||||
| 2008 | File:10 EPT obverse 2008.JPG | File:10 EPT reverse 2008.JPG | 19 | 1.1 | 3.2 | Steel 94% Copper 2% Nickel plating 4% | ||
| 20 Piastres | 1984 | File:10 EPT obverse 1984.JPG | File:20 EPT reverse 1984.JPG | 27 | 1.4 | 6 | Copper 75% Nickel 25% | |
| 1992 | File:20 EPT obverse.JPG | 25 | 1.35 | 5.2 | Copper 95% Aluminum 5% |
Al-Azhar mosque | ||
| 25 Piastres | 1993 | File:25 EPT obverse.JPG | File:25 EPT reverse.JPG | 1.4 |
| ||
| 2008 | File:2008-25 EPT obverse.JPG | File:2008-25 EPT reverse.JPG | 21 | 1.26 | 4.5 | Steel 94% Copper 2% Nickel plating 4% | |
| 50 Piastres | 2005 | File:50 EPT obverse.JPG | File: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 | 25 | 1.89 | 8.5 | Bimetal | Tutankhamun's mask |
| |||
| Ring | Centre | |||||||||
| Copper 75% Nickel 25% |
Copper 75% Zinc 20% Nickel 5% | |||||||||
| 2007 2008 | 1.96 | Steel 94% Copper 2% Nickel plating 4% |
Steel 94% Nickel 2% Copper plating 4% | |||||||
Banknotes
| File:1 Egyptian Pound 1924.jpg 1 EGP banknote - 1924 |
File:10 Egyptian pound 1937.jpg 10 EGP banknote - 1937 |
| File:0.5 Egyptian Pound 1951.jpg 50 EPT banknote - 1951 |
File:5 Egyptian Pound 1958.jpg 5 EGP banknote - 1958 |
| File:1 Egyptian Pound 1971.jpg 1 EGP banknote - 1971 |
File:0.25 Egyptian Pound 1974.jpg 25 EPT banknote - 1974 |
| File:20 Egyptian Pound 1976.jpg 20 EGP banknote - 1976 |
File:100 Egyptian Pound 1978.jpg 100 EGP banknote - 1978 |
In 1899, the National Bank of Egypt introduced notes in denominations of 50 Piastres, 1 5, 10, 50 and 100 Egyptian Pounds were introduced. Between 1916 and 1917, 25 Piastres notes were added, together with government currency notes for 5 and 10 Piastres. Issued intermittently, the 5 and 10 Piastres 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.
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
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
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 |
| From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
See also
References
- ^ https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html CIA World Factbook, 2008 est.
- ^ Arabic Language for Travelers: Money & Shopping ... youregypt.com
- ^ http://egypt.destinations.starwoodhotels.com/Currency.htm
- ^ http://www.cbe.org.eg/1historical_review_for_currency.htm accessed 2009-05-10
- ^ http://www.nachthund.biz/CatalogUpdate/Egypt/EgyptIndex.html accessed 2007-04-24
- Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.