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Here is a detailed report about the official currency of Egypt, in International English:
Historical Report on the Currency of Egypt: The Egyptian Pound
Basic Information
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Currency Name: Egyptian Pound
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ISO Code: EGP
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Symbols Used: ج.م (in Arabic), LE (in English)
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Country: Arab Republic of Egypt
History of the Egyptian Pound
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The Egyptian pound was officially established in 1834 during the reign of Muhammad Ali Pasha, replacing the Ottoman qirsh as the main monetary unit.
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Initially, the pound was based on a bimetallic standard, backed by gold and silver. One pound was approximately equal to 8.5 grams of gold.
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The National Bank of Egypt issued the first banknotes on April 3, 1899.
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During the British colonial period, the Egyptian pound was pegged to the British pound sterling at a rate of about 0.9 Egyptian pounds per 1 pound sterling.
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After World War II, the pound was linked to the US dollar, with various exchange rate adjustments over time.
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In 1961, the Central Bank of Egypt was established, taking over currency issuance and regulation.
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The exchange rate regime shifted to a partial floating system in 1989 and to a full floating system in 2003.
Features of Current Banknotes and Coins
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Current banknotes feature images of ancient Egyptian monuments on the English side, and mosques and Islamic symbols on the Arabic side.
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The coins and notes reflect Egypt’s rich cultural and historical heritage, highlighting its significance in world civilization.
Current Economic Context
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The Egyptian pound is a relatively stable currency, widely used in domestic and international trade.
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The Central Bank of Egypt implements policies to control inflation and maintain monetary stability.
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The currency is freely traded on the foreign exchange market, with fluctuations reflecting global and local economic conditions.
Interesting Facts
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The Egyptian pound is one of the oldest currencies still in use in Africa and the Arab world.
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The currency has strong historical ties to Egypt’s Pharaonic, Greco-Roman, Islamic, and modern periods.
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