The Egyptian pound (Arabic: جنيه مصرى; abbreviations: £, E£, £E, LE, or EGP in Latin, and ج.م. in Arabic, ISO code: EGP) is the official currency of Egypt.
The exchange rate in Egypt ended 2024 at EGP 50.83 per USD, compared to the EGP 30.93 year-end value in 2023 and the figure EGP 7.15 a decade earlier.
Here's a detailed look at its historical context and evolution.
Early Monetary System
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.
In 1834, 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.
Transition to the Gold Standard
In 1885, Egypt transitioned to a purely gold standard, introducing the Egyptian pound unit, known as the gineih, at E£1 = 7.4375 grams of fine gold. This unit was chosen based on the gold content in the British gold sovereign, maintaining an exchange value of 97.5 piastres to the pound sterling, replacing the Egyptian piastre (qersh) as the chief unit of currency.
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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.
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).
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.
Unofficial 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.
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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.
Coinage Evolution
Between 1837 and 1900, copper 1 and 5 para, silver 10 and 20 para, 1, 5, 10, and 20 piastre (pt), gold 5pt, 10pt were in circulation.
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.
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
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.
Exchange Rate Forecasting
How should you choose a forecaster if some are too optimistic while others are too pessimistic? regional and global forecast institutions.
Forecasting errors tend to cancel each other out, leading to the most reliable exchange rate forecast available for Egyptian exchange rate.
Want to get access to the full dataset of Egyptian exchange rate forecasts?
Why does the Egyptian pound continue to struggle against the US dollar?
National Bank of Egypt: International Money Transfers
Considering using National Bank of Egypt for your international money transfer? Compare National Bank of Egypt exchange rates and fees to discover your potential savings with Xe.
Established in 1898, NBE is Egypt’s oldest commercial bank and a cornerstone of the financial system. Headquartered in Cairo, it provides universal banking-retail, SME, corporate, public-sector, and treasury services-and acts as a key partner for payments, remittances, and development programs.
International offices help connect Egypt to global trade and investment flows.
Transfer Time
Delivery times for international transfers with National Bank of Egypt vary based on the payment method, transaction timing, and recipient’s country. Typically, international bank transfers take 1 to 5 business days.
Factors such as bank holidays and security checks may also impact delivery. Check National Bank of Egypt's cutoff time to avoid delays.
Fees and Costs
The cost of an international money transfer with National Bank of Egypt depends on many factors including the transfer amount and destination currency. Usually, larger transfers come with lower fees and better exchange rates.
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