The Egyptian pound (Arabic: جنيه مصرى [ɡeˈneː ˈmɑsˤri, ˈɡeni-]; abbreviations: £,[3] E£,[4] £E,[5] LE,[6] or EGP in Latin, and ج.م. in Arabic, ISO code: EGP) is the official currency of Egypt.
Embarking on a journey through Egypt isn’t just a feast for the senses - it’s also an invitation to engage with a living history, and that includes its money. Ready to sail through history? This rate fluctuates, so always check live rates before exchanging. Use cash for local experiences like bazaars, taxis, and street food.
Egypt’s banknotes are visual masterpieces - blending Islamic architecture, pharaonic landmarks, and Arabic artistry.
Here’s a detailed look into the history, evolution, and present state of the Egyptian currency.
Historical Context
At the beginning of the 19th century, Egypt and Turkey shared a common currency, the Ottoman piastre, divided into 40 paras. However, under Muhammad Ali, Egypt started to issue its own coinage, and in 1834, by which time Egypt was now nominally independent from Ottoman rule, a decree was issued, adopting an exclusively Egyptian monetary system whereby Egypt went into a silver and gold bimetallic standard based on the Maria Theresa thaler rated at 20 piastres.
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In the wake of this currency reform, Egypt minted a gold coin known as the bedidlik, equal to 100 piastres, and a silver rial coin of 20 piastres corresponding to the Maria Theresa thaler. In 1839, a piastre contained 1.146 grams of silver, and meanwhile the British gold sovereign was rated at 97.5 piastres.
While 100 Egyptian piastres and the bedidlik coin were referred to as a pound in the English-speaking world, this was not the principal unit in the new Egyptian monetary system of 1834. Meanwhile, back in 1840, despite Egypt's separate coinage, it was agreed under the Turkish-Egyptian treaty dated that same year, that the Turkish and Egyptian coins should nevertheless maintain equal value.
However, in 1844, the Ottoman piastre was devalued in conjunction with the creation of a new Ottoman lira unit, and Egypt did not follow suit.
The Gold Standard and Introduction of the Egyptian Pound
In 1885, Egypt went into a purely gold standard, and the Egyptian pound unit, known as the gineih, was introduced at E£1 = 7.4375 grams of fine gold. This unit was chosen on the basis of the gold content in the British gold sovereign and maintaining the exchange value of 97.5 piastres to the pound sterling, and it replaced the Egyptian piastre (qersh) as the chief unit of currency.
This reform resulted in the Maria Theresa thaler being adjusted to 21 piastres, with 20 piastres now being rated at 5 French francs, and the foreign exchange rates were fixed by force of law for the important currencies which had become acceptable in the settlement of internal transactions.
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Meanwhile, the piastre continued to circulate as 1⁄100 of a pound, the para was discontinued in 1909, and the piastre was divided into tenths (عشر القرش 'oshr el-qirsh). Then, at the outbreak of World War I, with the gold specie standard being suspended in the UK, the Egyptian pound used a sterling peg of one pound and sixpence sterling to one Egyptian pound.
The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951.
Denominations and Popular Names
Several unofficial popular names are used to refer to different denominations of Egyptian currency. These include (from the word nickel) nekla (نكلة) [ˈneklæ] for 2 milliemes, ta'rifa (تعريفة) [tæʕˈriːfæ] for 5 milliemes, "nos franc" (نص فرانك) for 2 piastres, shelen (شلن) [ˈʃelen] (i.e. a shilling) for 5 piastres, bariza (بريزة) [bæˈriːzæ] for 10 piastres, and reyal (ريال) [reˈjæːl] ("real") for 20 piastres.
Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25 PT coin (functioning as one-quarter of E£1), these terms have mostly fallen into disuse and survive as curios.
Coins of Egypt
Between 1837 and 1900, copper 1 and 5 para, silver 10 and 20 para, 1, 5, 10, and 20 piastre (pt), gold 5pt, 10pt. 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 PT coins in 1863.
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In 1885, the para was replaced by the millieme in order to decimalise the currency and a new coinage was introduced. The issue consisted of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme (m), silver 1 PT, 2 PT, 5 PT, 10 PT and 20 PT coins.
In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2m and holed, cupro-nickel 1m, 2m, 5m and 10m coins. Silver 2 PT, 5 PT, 10 PT and 20 PT coins continued to be issued, and a gold E£1 coin was reintroduced.
Between 1922 and 1923, the gold coinage was extended to include 20 PT and 50 PT and E£1 and E£5 coins. In 1924, bronze replaced cupro-nickel in the 1m coin and the holes were removed from the other cupro-nickel coins.
Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1m, 5m and 10m and silver 5 PT, 10 PT and 20 PT coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2m coin was introduced in 1962.
Aluminium replaced aluminium-bronze in the 1m, 5m and 10m coins in 1972, followed by brass in the 5m and 10m coins in 1973.
Aluminium-bronze 2 PT and cupro-nickel 20 PT coins were introduced in 1980, followed by aluminium-bronze 1 PT and 5 PT coins in 1984.
In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993. On 1 June 2006, 50 PT and E£1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the E£1 coin is bimetallic.
Banknotes of Egypt
In 1899, the National Bank of Egypt introduced notes in denominations of 50 PT, £1, £5, £10, £50, and £100. Between 1916 and 1917, 25 PT notes were added, together with government currency notes for 5 PT and 10 PT issued by the Ministry of Finance.
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions).
During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce £200 and £500 notes. As of 2024, there are £200 notes circulating but there are still no plans for issuing £500 notes.
Starting from 2011 the 25 PT, 50 PT and £1 banknotes were phased out in favour of more extensive use of coins. The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.
On July 31, 2021, the President of Egypt reviewed the notes of £10 and £20, to be issued in November 2021. In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a covert message of support for LGBT rights.
Just nearly 2 years after the £10 note was released, the Central Bank of Egypt released the new £20 polymer banknote.
Economic Factors and Recent Challenges
From 2020 - 2022, the COVID-19 pandemic negatively impacted Egypt’s two largest foreign currency generators-tourism and the oil and gas sector. Both started to rebound in 2022, but in 2023 both sectors are struggling to regain their pre-COVID revenue.
The more recent and ongoing war in Ukraine also negatively affected Egypt’s tourism sector as Russians and Ukrainians typically make up a significant portion of Egypt’s repeat tourists.
A lack of foreign currency led to tough banking requirements to finance imports. This issue has destabilized trade and made it hard to import raw materials and machinery. interest rates, and high domestic inflation make it difficult for Egyptian buyers to meet their financial obligations.
In 2016, Egypt floated the pound - letting supply and demand dictate its value.
Egypt’s Stunning Banknotes – Ancient Meets Modern 🇪🇬
Here you can see historical exchange rates:
| Currency | ISO 4217 Code | Numeric Code | Subunit | Unit Symbol |
|---|---|---|---|---|
| Egyptian Pound | EGP | 818 | 0.01 | £, E£, £E, LE, EGP, .ج.م |
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