Egyptian pound

Not to be confused with Pound sterling.

Egyptian pound
جنيه مصري (Arabic)
Obverse of £1, showing Tutankhamun's mask
ISO 4217 code	EGP
Central bank	Central Bank of Egypt
Website	www.cbe.org.eg
Official user(s)	Egypt
Unofficial user(s)	Gaza Strip (Palestinian territories), alongside Israeli new sheqel
Inflation	7.21% ^[1]
Subunit
¹⁄₁₀₀	Piastre (قرش, Ersh)
¹⁄_1,000	Millime (مليم,‎ Mallīm)
Symbol	E£ or ج.م
Piastre (قرش, Ersh)	pt.
Coins	25pt, 50pt, £1
Banknotes	£5, £10, £20, £50, £100, £200

50 Egyptian pound promissory note issued and hand-signed by Gen. Gordon during the Siege of Khartoum (26 April 1884)^[2]

The Egyptian pound (Arabic: جنيه مصري‎ Genēh Maṣri Egyptian Arabic pronunciation: [ɡeˈneː(h) ˈmɑsˤɾi] or in Alexandrian accent: Geni Maṣri [ˈɡeni ˈmɑsˤɾi]) (sign: E£ or ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastres, or ersh (قرش [ʔeɾʃ]; plural قروش [ʔʊˈɾuːʃ]; Turkish: Kuruş^[3]), or 1,000 millimes (Arabic: مليم‎ [mælˈliːm]; French: Millime).

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 commonly used online. The name Genēh / Geni [ɡeˈneː(h), ˈɡeni] is derived from the Guinea coin, which had almost the same value of 100 piastres at the end of the 19th century.

History

In 1834, a Khedival Decree was issued providing for the issuing of an Egyptian currency based on a bimetallic base, i.e.: based on gold and silver. The Egyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre (ersh) 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 (عشر القرش 'oshr el-ersh). These tenths were renamed milliemes (malleem) 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 E£1 = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at EG£0.975 per GB£1.

The first E£1 banknote issued in 1899

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 EG£1 = US$2.3. This peg was changed to 1 pound = 2.55555 dollars in 1973 when the dollar was devalued. The pound was itself devalued in 1978 to a peg of 1 pound = 1.42857 dollars (1 dollar = 0.7 pound). The pound floated in 1989; however, the float is tightly managed by the Central Bank of Egypt and foreign exchange controls are in effect.

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.

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 British currency in the Middle East.

Coins

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. (1para = 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 dated 2005 were introduced, with the equivalent banknotes were phased out and completely disappeared of circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the 1 pound coin is bimetallic. The size and composition of 50 piastre coins was reduced in 2007.

Coins in circulation^[4]
Value	Debut	Image		Specifications					Description
Value	Debut	Obverse	Reverse	Diameter (mm)	Thickness (mm)	Mass (g)	Composition		Obverse	Reverse
5 pt*	1984			23	1.2	4.9	Copper 95% Aluminum 5%		3 pyramids of Giza	جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic Hijri and Gregorian year in Arabic
	1992			21	1.1	3.2	Copper 92% Aluminum 8%		Islamic pottery
	2004/2008			17	1.04	2.4	Steel 94% Nickel 2% Copper plating 4%		Islamic pottery
10 pt*	1984			25	1.35	5.2	Copper 75% Nickel 25%		Mosque of Muhammad Ali
	1992			23	1.2	4.9	Copper 95% Aluminum 5%
	2008			19	1.1	3.2	Steel 94% Copper 2% Nickel plating 4%
20 pt*	1984			27	1.4	6	Copper 75% Nickel 25%
20 pt*	1992			25	1.35	5.2	Copper 95% Aluminum 5%				Al-Azhar mosque
25 pt	1993*				1.4				Islamic illustration Value in Arabic and in English		جمهورية مصر العربية ("Arab Republic of Egypt") Hijri and Gregorian year in Arabic
25 pt	2008				21				Islamic illustration Value in Arabic and in English			1.26	4.5	Steel 94% Copper 2% Nickel plating 4%
50 pt	2005			25	1.58	6.5	Copper 75% Zinc 20% Nickel 5%		Cleopatra's head Hijri and Gregorian year in Arabic		جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic and in English
50 pt	2007			23	1.7	6.5	Steel 94% Nickel 2% Copper plating 4%		Cleopatra's head Hijri and Gregorian year in Arabic
£1	2005			25	1.89	8.5	Bimetal		Tutankhamun's mask	جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic and in English Hijri and Gregorian year in Arabic
							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%

* Not in circulation as of 2008.

Banknotes

In 1899, the National Bank of Egypt introduced notes in denominations of 50 piasters, £1, £5, £10, £50 and £100 were introduced. Between 1916 and 1917, 25 piaster notes were added, together with government currency notes for 5 and 10 piasters. Issued intermittently, the 5 and 10 piasters 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, £10 and £20 notes were introduced in 1976, followed by £100 in 1978, £50 in 1993 and £200 in 2007.^[5]

All Egyptian banknotes are bilingual, with Arabic texts and Arabic-Indic numerals on the obverse, and English texts and 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 2015, there are £200 notes circulating. £1, 50 and 25 pt banknotes have been phased out and replaced by more extensive use of coins.

Current Series
Image		Value	Dimensions (millimeters)	Main color	Description
Obverse	Reverse	Value	Dimensions (millimeters)	Main color	Obverse	Reverse
		£5	145 × 70	Bluish-green	Mosque of Ibn Tulun	A Pharaonic engraving symbolizing the River Nile offering its bounties to the valley.
		£10	150 × 70	Pink	Al Rifa'i Mosque	Khafra
		£20	155 × 70	Green	Mosque of Muhammad Ali	A Pharaonic war chariot
		£50	160 × 70	Brownish-red	Abu Huraiba Mosque	Temple of Edfu
		£100	165 × 70	Purple	Sultan Hassan Mosque	Sphinx
		£200	175 × 80	Olive	Mosque of Qanybay El-Rammah	The Seated Scribe

Popular denominations and nomenclature

Used for historical values or jocularly

Several unofficial popular names are used to refer to different values of Egyptian currency. These include (from the word nickel) nekla (نكلة) [ˈneklæ] for 2 milliemes, ta'rifa (تعريفة) [tæʕˈɾiːfæ] for 5 milliemes, shelen (شلن) [ˈʃelen] (i.e. a shilling) for 5 piastres, bariza (بريزة) [bæˈɾiːzæ] for 10 piastres, and reyal (ريال) [ɾeˈjæːl] ("real") for 20 piastres.

Used very informally

Different sums of EGP have special nicknames, for example: 1,000 EGP baku (باكو) [ˈbæːku] "pack"; 1,000,000 EGP arnab (أرنب) [ˈʔæɾnæb] "rabbit"; 1,000,000,000 EGP feel (فيل) [fiːl] "elephant".

Historical and current exchange rates

Pound sterling

This table shows the value of one British pound sterling in Egyptian pounds:

Date	Official rate
1885 to 1949	E£0.975
2008	E£10.0775
2009	E£8.50
2012	E£9.68
2014	E£11.97 to E£12.03

US dollar

The historical value of one U.S. dollar in Egyptian pounds from 1885 to 2009

This table shows the historical value of 1.00 US dollar in Egyptian pounds:

Date	Official rate
1789 to 1799	E£0.03
1800 to 1824	E£0.06
1825 to 1884	E£0.14
1885 to 1939	E£0.20
1940 to 1949	E£0.25
1950 to 1967	E£0.36
1968 to 1978	E£0.40
1979 to 1988	E£0.60
1989	E£0.83
1990	E£1.50
1991	E£3.00
1992	E£3.33
1993 to 1998	E£3.39
1999	E£3.40
2000	E£3.42 to E£3.75
2001	E£3.75 to E£4.50
2002	E£4.50 to E£4.62
2003	E£4.82 to E£6.25
2004	E£6.13 to E£6.28
2005 to 2006	E£5.75
2007	E£5.64 to E£5.5
2008	E£5.5 to E£5.29
2009	E£5.75
2010	E£5.80
2011	E£5.95
2012	E£6.36
2013	E£6.5 to E£6.96
2014	E£6.95 to E£7.15


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From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD INR CNY TRY
From Currency.Wiki:	AUD CAD CHF EUR GBP HKD JPY USD INR CNY TRY

References

↑ http://www.cbe.org.eg/English/
↑ Cuhaj, George S., ed. (2009). Standard Catalog of World Paper Money Specialized Issues (11 ed.). Krause. p. 1070. ISBN 978-1-4402-0450-0.
↑ http://egypt.destinations.starwoodhotels.com/Currency.htm
↑ accessed 2009-05-10
↑ accessed 2007-04-24

Krause, Chester L., and 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.

External links

Wikimedia Commons has media related to Money of Egypt.

Economy of Egypt

Currency: Egyptian pound

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Industries:	Agriculture Tourism

Currencies of Africa

North	Algerian dinar Egyptian pound Euro Plazas de soberanía Libyan dinar Mauritanian ouguiya Moroccan dirham Sahrawi peseta (unrecognized) Sudanese pound Tunisian dinar

Central	Angolan kwanza Burundian franc Central African CFA franc Cameroon Central African Republic Chad Republic of the Congo Equatorial Guinea Gabon Congolese franc Rwandan franc

East	Comorian franc Djiboutian franc Eritrean nakfa Ethiopian birr Kenyan shilling Seychellois rupee Somali shilling Somaliland shilling (unrecognized) South Sudanese pound Tanzanian shilling Ugandan shilling

South	Botswana pula British pound sterling Saint Helena, Ascension and Tristan da Cunha Zimbabwe Euro French Southern and Antarctic Lands Mayotte Réunion Zimbabwe Lesotho loti Malagasy ariary Malawian kwacha Mauritian rupee Mozambican metical Namibian dollar Saint Helena pound South African rand Lesotho Namibia Swaziland Zimbabwe Swazi lilangeni U.S. dollar Zimbabwe Zambian kwacha Zimbabwean dollar (defunct due to hyperinflation since April 2009) Zimbabwean Bond Coins (since 18 December 2014 - denominated in U.S. Cents)

West	Cape Verdean escudo Euro Canary Islands Madeira Gambian dalasi Ghanaian cedi Guinean franc Liberian dollar Nigerian naira São Tomé and Príncipe dobra Sierra Leonean leone West African CFA franc Benin Burkina Faso Guinea-Bissau Ivory Coast Mali Niger Senegal Togo

Currencies named pound or similar

Current	Pound sterling: (Alderney pound • Falkland Islands pound • Gibraltar pound • Guernsey pound • Jersey pound • Manx pound • Saint Helena pound) Egyptian pound Lebanese pound South Sudanese pound Sudanese pound Syrian pound Turkish lira

Local alternative currency	Bristol Pound Brixton Pound Lewes Pound Stroud Pound Totnes Pound

Defunct	Anglo-Saxon pound Australian pound Bahamian pound Bermudian pound Biafran pound British West African pound Canadian pound Connecticut pound Cypriot pound Delaware pound Fijian pound French livre French colonial livre Gambian pound Georgia pound Ghanaian pound Haitian livre Irish pound Israeli lira Italian lira Jamaican pound Japanese government-issued Oceanian Pound Libyan pound Livre tournois Lombardy-Venetia pound Luccan pound Malawian pound Maltese pound Maltese lira Maryland pound Massachusetts pound New Brunswick pound New France livre New Guinean pound New Hampshire pound New Jersey pound New York pound New Zealand pound Newfoundland pound Nigerian pound North Carolina pound Nova Scotian pound Oceanian pound Ottoman lira Palestine pound Papal lira Paris livre Parman lira Pennsylvania pound Pound Scots Prince Edward Island pound Rhode Island pound Rhodesian pound Rhodesia and Nyasaland pound Sammarinese lira Sardinian lira Solomon Islands pound South Carolina pound Southern Rhodesian pound South African pound South African Republic pound South West African pound Tongan pound Tuscan pound Vatican lira Virginia pound West Indian pound Western Samoan pound Zambian pound

See also	Dinar Pound sign Troy pound

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