EGP – Egyptian Pound

Egyptian Pound Overview

The official currency of Egypt is the Egyptian Pound (EGP). The symbol used for the EGP is E£ or in Arabic ( ج.م). You can easily convert here any currency at Merchant Stronghold.

The Egyptian pound was 1st issued within the decade following associate 1834 Khedival decree for issue Egyptian currency on a bimetallic base (in this case, gold and silver). This new Egyptian pound referred to as the geneih to Egyptians, replaced the Egyptian piastre (ersh) and also the main type of currency and created it so the piastre’s new official worth was 1/100 of 1 Egyptian pound. Meanwhile, the piastre had been divided into forty para, however, was before long redivided into tenths known as milliemes, creating milliemes 1/1000 of 1 Egyptian pound.

From 1885 through 1914, the worth of the Egyptian pound was mounted by the gold normal, creating one EGP up to seven.4375 grams of gold. Then at the eruption of war I, the Egyptian pound’s worth was connected to Brits pound, with 0.975 EGP equaling one GB. This continued till 1962 once the Egyptian pound was pegged to the US dollar, with one EGP equaling a pair of.3 USD—a worth that fluctuated slightly in each direction over ensuing number of decades. The Egyptian pound floated in 1989, being closely monitored by the financial organization of Egypt.

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