Egyptian Pound

About The Egyptian Pound: The Currency of Egypt

Quick Facts About the Egyptian Pound Notes

Country of Origin	Egypt
Symbol	E£, ج.م
Currency Code	EGP
Nick Names	Baku and Arnab
Minor units	Millieme
Denominations (Banknotes)	LE 1, LE 5, LE 10, LE 20, LE 50, LE 100, LE 200
Motto
Identification Feature	On an LE 200 note, the obverse side has an image of Mosque of Qani-Bay and the reverse side has an image of the Seated Scribe.
Issuing Bank	Central Bank of Egypt
In Circulation Since	1834

The Egyptian Pound, also written as E£ and abbreviated as EGP, is the official currency of the Arab Republic of Egypt. In 2001, the Central Bank of Egypt took action and initiated a controlled float. This float continued to be supported by precious metals until 2016, after which point it transitioned into a free float. Before the float, the value of one United States dollar was equivalent to 8.8 Egyptian pounds. After this devaluation, one dollar in US currency was equivalent to around 15 Egyptian pounds. Alongside Egypt, several countries and territories, such as Sudan and the Gaza Strip, have adopted the Egyptian Pound as their official currency. The Egyptian pound symbol is E£.

The live Egyptian Pound rate is INR (0 🔄) . You can keep an eye on the real-time Egyptian Pound price.

History of the Egyptian Pound

In 1834, the Egyptian piastre was replaced by the Egyptian pound (EGP), which became the country's official currency. When the new currency was first issued, a rate of exchange between gold and silver was established. This rate has remained unchanged since then.

Despite the introduction of the pound, the piastre continued to be used as a unit of currency; its function was comparable to that of the one-cent coin that is employed in our modern economy. After the coin had been renamed and redivided, the millime was finally released the following year in 1916.

In 1961, the Egyptian government decided to establish a central bank. The Central Bank of Egypt in Cairo, which served as the monetary authority for the Arab Republic, was in charge of managing the circulation of the Egyptian pound.

In 1962, Egypt linked its currency to the US dollar and devalued its own currency, the pound. The value of Egyptian pound was allowed to deteriorate on its own in 1978 after having been tied to the value of the US dollar since 1973. In the years leading up to 2016, when the government made the decision to untie some of its ties to the dollar in order to become eligible for support from the IMF, the currency was pegged.

Countries Accepting the Egyptian Pound

Amount in the Egyptian Pound You Should Carry for Your Trip

There are a few things to remember before organising a trip to Egypt. The cuisine, lodging, and transportation possibilities in Egypt are only a few of these.

To go around the world on a restricted budget, one needs, on average, E£246 every day. On the other side, if you chose to indulge in luxurious lodgings and dining establishments, your trip might easily cost as much as E£1,683. A trip to Egypt for two people will typically run between E£600 to E£3,500.

The price range for a single night at an Egyptian hotel can be anywhere between E£111 and E£686. Depending on whether you opt for a taxi, the bus, or some other kind of public transit, your total cost for getting around town might be anywhere from E£40 to E£305 per day.

You can check the Egyptian Pound rate today in order to plan a cost-effective vacation.