If you’re planning a trip to Egypt soon, this guide will tell you everything you need to know about exchanging currency and how best to pay for things when you get there. We’re here to help you get ready for your travels.
Egypt, a land steeped in history and rich culture, offers more than just ancient wonders. Its currency, a reflection of its economic story, is a fascinating topic waiting to be explored.
Egyptian Currency
The official currency of Egypt is the Egyptian pound. The Egyptian pound is abbreviated to EGP, E£, or in Arabic ( ج.م). One Egyptian pound is subdivided into smaller currency denominations known as piastres and millimes. 1 EGP = 100 piastres = 1000 milliemes. In Arabic, Egyptian pounds are called gineih, and piastres are called qirsh.
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.
The Egyptian pound came into existence in 1834, originally circulating as gold and silver coins. These replaced the Piastres (1 pound = 100 piastres), which was the main currency unit prior to 1834. However, Piastres kept circulating simultaneously in the denominations of 5, 10, 25 and 50 piastres as coins, and later as bills.
Read also: Types of Egypt Visas
History of the Egyptian Pound
In 1834, Egypt adopted a new currency system based on gold and silver, with the Maria Theresa thaler as a reference coin. They introduced the Egyptian Pound, replacing the old piastre as the primary currency.
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[dubious - discuss], 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.
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.
In 2016, Egypt switched to a fully floating exchange rate and removed foreign exchange controls.
The Egyptian Pound was also used in other regions like Anglo-Egyptian Sudan, Cyrenaica, and Mandatory Palestine during various periods.
Read also: Comprehensive Guide to the Egyptian Consulate
Egyptian Pound Banknote Denominations
The Egyptian pound is mainly a paper currency. Notes are available in the following denominations:
- 25 piastres
- 50 piastres
- 1 pound
- 5 pounds
- 10 pounds
- 20 pounds
- 50 pounds
- 100 pounds
- 200 pounds
All Egyptian banknotes are bilingual, with Arabic on one side and English on the other. They often feature Islamic and Ancient Egyptian designs.
Current EGP notes follow a strict binary model: the obverse (front) or the “Arabic side” depicts monuments relating to Islamic heritage, while the reverse (back) or the “English side” showcases iconography, monuments, and figures of ancient Egypt.
The design of today's banknotes and coins includes advanced security features to combat counterfeiting. From holograms to special inks, these details ensure the coin's authenticity and value.
The paper used in printing Egyptian banknotes are made of 100% cotton and consists of more than one layer. The paper used in printing is characterized by its high durability, such as its ability to resist soiling, tearing, and folding.
Read also: Comprehensive Overview of Egypt
In 2005, Egypt shifted to using coated or treated paper made of 100% cotton, making it highly resistible to soiling and more durable. As part of the printing house keeping pace with modern trends and according to what laboratory tests have shown, the house has geared up to use polymers in printing the 10 LE denomination, as it tolerates circulation more and resists soiling compared to the previous two types.
In November 2021, new £10 and £20 notes were introduced. These new notes have rainbow holograms to prevent counterfeiting.
Information about egypt and about the pound معلومات عن مصر وعن الجنيه
Description of Banknotes
- 5 Pounds: This is the lowest denomination banknote. The obverse depicts the Ibn Tulun Mosque, one of the oldest and most iconic mosques in Cairo.
- 10 Pounds: On its face, the Great Sphinx of Giza, one of Egypt's most iconic structures, stands out.
- 20 Pounds: This banknote features the Sultan Hassan Mosque-Madrassa on the obverse, known for its impressive Islamic architecture.
- 50 Pounds: In the main part, you can see the Mosque of Qaitbay, another example of Egypt's magnificent Islamic architecture.
- 100 Pounds: This banknote features the Al-Azhar Mosque on the obverse, one of the oldest centers of Islamic education in the world.
- 200 Pounds: It is the highest value banknote and circulates widely in Egypt. On its front, the Mosque of Muhammad Ali, located in the Cairo Citadel.
Egyptian Coin Denominations
Coins come in denominations of:
- 10 piastres
- 25 piastres
- 50 piastres
- 1 pound
Coins in Egypt also reflect these same elements of their historical legacy.
- 1 Pound: The highest-value coin features an image of Pharaoh Tutankhamun on one side.
- 50 Piastres: This coin features the Mosque of Muhammad Ali, highlighting the significance of this monument in Egypt's recent history.
- 25 Piastres: It is the smallest denomination coin and features a simple design with floral motifs.
Security Features
Watermark is one of the most important non printing security features at Egyptian banknote , At the beginning of printing banknotes, paper was printed without a watermark. In 1930, the watermark was added to paper with pictures of kings and famous persons.
Security threads is one of the most important integrated security features for all denominations of Egyptian currencies. Egyptian banknotes remained without any security threads until 1990, where embedded thread is used in all denominations with the denomination's number written on it. It has a fluorescent appearance under ultraviolet rays in green or yellow colour, and magnetic properties.
In 2001, a silver-coloured hologram thread was introduced to paper in all denomination in addition to the embedded thread.
In 2012, as a result of technological development and the possibility of forgery, the hologram thread is replaced with the following:
- Colour shift thread which it has a colour changes (copper/green) according to viewing angle, written on it the number of the denomination and the eagle. It used for denomination 5 to 50 LE.
- Motion thread, which is characterized by the appearance of movement when the viewing angle changes, it has a green colour at 100 LE, and brown for 200 LE.
Fluorescent fibers is non printing security feature at the banknote, In 1990, the fluorescent fibers was introduced to paper, and is made of bristles that appear in three colours (green / red / blue) under ultraviolet rays and used in all denominations.
Currency Exchange and Usage
Upon arrival in Egypt, changing currency safely is essential. It is recommended to exchange your currency in banks, official exchange offices or at the airport. These options offer fairer and safer exchange rates than hotels or street vendors. In addition, it is advisable to bring banknotes of different denominations as small bills are useful for paying for public transportation, tips, and small purchases at local markets.
It’s best to exchange currency for Egyptian pounds on arrival in Egypt. It’s straightforward to trade dollars, pounds, or euros in banks for Egyptian pounds.
The Egypt exchange rate you’re offered will vary by location, so it can be worth shopping around.
Cash remains the most widely used payment method, especially in markets, small businesses, and rural areas. Although credit and debit cards are accepted in hotels, restaurants, and large stores, it's always best to carry cash. ATMs are available in major cities, but they may charge fees for international withdrawals. For large payments, such as excursions or hotel reservations, using cards is convenient and secure. However, be sure to inform your bank about your trip so they can avoid unexpected card blocks.
In some tourist destinations, especially the more traditional ones, cash may be preferred.
Haggling is a common practice in Egypt, especially in markets and street vendors. Tourists are expected to negotiate prices, as it is part of the cultural experience.
Tipping, known locally as "baksheesh," is an integral part of Egyptian culture. You are expected to tip tour guides, hotel staff, waiters, and drivers.
In tourist places like large hotels and souvenir shops Dollars and euros are sometimes accepted instead of Egyptian currency. However, exchange rates are not always favorable.
Practical Tips for Managing Money in Egypt
Knowing the average prices in Egypt will help you organize your budget effectively. In general, expenses for food, transportation, accommodation, and entrance fees to tourist attractions are quite affordable.
- Food at Local Restaurants: Eating at a local restaurant costs between 50 and 100 Egyptian pounds, which is roughly equivalent to 1 or 2 euros.
- Taxis: Taxis are inexpensive, with short journeys typically costing between 20 and 50 pounds (less than a euro).
- Pyramids of Giza: The entrance fee is approximately 240 pounds (4.50 euros).
- Luxor Temple: Admission is 160 pounds (3 euros).
To make handling money easier, divide your notes into different pockets or wallets. Keep larger denominations separate from smaller ones to avoid complications during transactions.
Remember to inspect the bills you receive to avoid defaced, shabby, or torn notes.
ATMs are convenient and don't typically require documentation. Major cities like Cairo and Alexandria have readily available ATMs. However, if you plan to visit more remote areas, it's wise to withdraw sufficient cash beforehand, as ATMs may be scarce.
Debit and credit cards from major foreign banks, such as Visa and Mastercard, are generally accepted throughout Egypt. Before your journey, contact your bank to ensure your card will work, inquire about any withdrawal fees, and notify them of your travel dates.
Examining banknotes and familiarizing yourself with the security features of Egyptian banknotes is essential.
Table of Egyptian Currency Denominations
| Denomination | Type | Common Features |
|---|---|---|
| 25 Piastres | Coin | Floral motifs |
| 50 Piastres | Coin | Mosque of Muhammad Ali |
| 1 Pound | Coin | Pharaoh Tutankhamun |
| 5 Pounds | Banknote | Ibn Tulun Mosque |
| 10 Pounds | Banknote | Great Sphinx of Giza |
| 20 Pounds | Banknote | Sultan Hassan Mosque-Madrassa |
| 50 Pounds | Banknote | Mosque of Qaitbay |
| 100 Pounds | Banknote | Al-Azhar Mosque |
| 200 Pounds | Banknote | Mosque of Muhammad Ali |
Popular articles:
tags: #Egypt
