Egyptian pound

The Egyptian pound (Egyptian Arabic: جنيه مصرىGenēh Maṣri [ɡeˈneː(h) ˈmɑsˤɾi]; sign: , L.E. ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastres, or ersh (Egyptian Arabic: قرش[ʔeɾʃ]; plural قروش [ʔʊˈɾuːʃ]),[1] or 1,000 milliemes (Egyptian Arabic: مليم‎  [mælˈliːm]; French: millième).

The Egyptian pound is frequently abbreviated as LE or L.E., which stands for livre égyptienne (French for Egyptian pound). and £E are commonly used on the internet. The name Genēh [ɡeˈneː(h)] is derived from the Guinea coin, which had almost the same value of 100 piastres at the end of the 19th century.

Egyptian pound
جنيه مصرى (Egyptian Arabic)
EGP 200 Pounds Apr 2007 (Front)
Obverse of £200 banknote
ISO 4217
CodeEGP
Number818
Exponent2
Denominations
Subunit
 ​1100Piastre (قرش, Ersh)
 ​11,000Millieme (مليم,‎ Mallīm)
SymbolE£ or ج.م or L.E.
Piastre (قرش, Ersh)pt.
Banknotes25pt, 50pt, £1, £5, £10, £20, £50, £100, £200
Coins25pt, 50pt, £1
Demographics
Official user(s) Egypt
Unofficial user(s) Gaza Strip
Issuance
Central bankCentral Bank of Egypt
 Websitewww.cbe.org.eg
Valuation
Inflation13.5% (August 2018)

History

SUD-S111b-Siege of Khartoum-50 Egyptian Pounds (1884)
50 Egyptian pound promissory note issued and hand-signed by Gen. Gordon during the Siege of Khartoum (26 April 1884)[2]
Egyptian First pound bill
The first E£1 banknote issued in 1899

In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard (gold and silver) on the basis of the Maria Theresa thaler, a popular trade coin in the region.[3] 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 ​1100 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.

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, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. The Central Bank of Egypt voted to end the managed-float regime and allowed the pound to float freely on 3 November 2016;[4] the bank also announced an end to foreign exchange controls that day.[5] The official rate fell twofold.

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.

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. Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25-piastre coin (functioning as one-quarter of one pound), these terms have mostly fallen into disuse and survive as curios. A few have survived to refer to pounds: bariza now refers to a ten-pound note and reyal can be used in reference to a 20-pound note.

Informal

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

Coins

Between 1837 and 1900, 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.

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 2​12 piastre coins in 1863. Gold 25 piastre coins were introduced in 1867.

In 1885, a new coinage was introduced consisting of bronze ​14, ​12, 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 ​12 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, and its equivalent banknotes were phased out and completely disappeared from 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[6]
Value Debut Image Specifications Description
Obverse Reverse Diameter (mm) Thickness (mm) Mass (g) Composition Obverse Reverse
5pt** 1984 5qershObverse1984 5qershReverse1984 23 1.2 4.9 Copper 95% Aluminum 5% 3 pyramids of Giza
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%
10pt** 1984 25 1.35 5.2 Copper 75% Nickel 25% Mosque of Muhammad Ali
1992 10 EPT obverse 10 EPT reverse 23 1.2 4.9 Copper 95% Aluminum 5%
2008 19 1.1 3.2 Steel 94%
Copper 2%
Nickel plating 4%
20pt** 1984 27 1.4 6 Copper 75% Nickel 25%
1992 20 EPT reverse 25 1.35 5.2 Copper 95%
Aluminum 5%
Al-Azhar mosque
25pt 1993** 1.4
2008 21 1.26 4.5 Steel 94%
Copper 2%
Nickel plating 4%
50pt 2005 50 Egyptian piastres obverse 50 Egyptian piastres reverse 25 1.58 6.5 Copper 75%
Zinc 20%
Nickel 5%
2007 23 1.7 Steel 94%
Nickel 2%
Copper plating 4%
£1*** 2005 100 EPT obverse 100 EPT reverse 25 1.89 8.5 Bimetal Tutankhamun's mask
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%

* 1 para = ​140 piastre.

** Not in circulation as of 2008.

*** As to commemorate the branching of the Suez canal, the obverse had the Arabic phrase, قناة السويس الجديدة "New Suez Canal".

Banknotes

In 1899, the National Bank of Egypt introduced notes in denominations of 50 piastres, £1, £5, £10, £50 and £100 were introduced. Between 1916 and 1917, 25 piastre notes were added, together with government currency notes for 5 and 10 piastres. Issued intermittently, the 5 and 10 piastres 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 piastres, £1, £5, £10 and £20 notes were introduced in 1976, followed by £100 in 1978, £50 in 1993 and £200 in 2007.[7]

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 2015, there are £200 notes circulating but there are still no plans for making £500 notes.[8] Starting from 2011 the 25, 50 piastres and £1 banknotes have been phased out and replaced by more extensive use of coins. As of June 2016 the National Bank of Egypt reintroduced the £1 banknote into circulation[9] as well as the 25 and 50 piastres notes in response to a shortage of small change.

Current series of the Egyptian pound
Image Value Dimensions (millimeters) Main color Description Year of first issue
Obverse Reverse Obverse Reverse
EGP 25 Piastres 2008 (Front) 25piastres reverse 25pt 130 × 70 Blue Ayesha mosque Coat of arms of Egypt 1985
50 piastres obverse 50 piastres reverse 50pt 135 × 70 Brown Al-Azhar Mosque Ramesses II 1985
1EGP-2001(5) 1pound Egypt reverse £1 140 × 70 Orange Mosque of Qaitbay Abu Simbel temples 1978
5EGP-2012 5EGP(2) £5 145 × 70 Bluish-green Mosque of Ibn Tulun A Pharaonic engraving of Hapi (god of the annual flooding of the Nile) offering bounties. 1981
10EGP-2006 (Front) 10 EGP back £10 150 × 70 Pink Al Rifa'i Mosque Khafra 2003
Egypt 20 Pound 2009 obverse Egypt 20 Pound 2009 reverse £20 155 × 70 Green Mosque of Muhammad Ali A Pharaonic war chariot and frieze from the chapel of Sesostris I 1978
EGP 50 Pounds Dec 2001 (Front) EGP 50 Pounds Dec 2001 (Back) £50 160 × 70 Brownish-red Abu Huraiba Mosque Temple of Edfu 1993
EGP 100 Pounds 2009 (Front) EGP 100 Pounds 2009 (Back) £100 165 × 70 Purple Sultan Hassan Mosque Sphinx 1994
EGP 200 Pounds Apr 2007 (Front) EGP 200 Pounds Apr 2007 (Back) £200 165 × 72 Olive Mosque of Qani-Bay The Seated Scribe 2007

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
2016 E£12.60 to E£21.21
2018 E£25.22

US dollar

Us dollar value in egyptian pounds
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
2015 E£7.15 to E£11.00
2016 E£15.00 to E£18.00
2017 E£17.70 to E£17.83

See also

Current EGP exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD ILS JOD TRY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD ILS JOD TRY
From XE: AUD CAD CHF EUR GBP HKD JPY USD ILS JOD TRY
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD ILS JOD TRY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD ILS JOD TRY

References

  1. ^ "Archived copy". Archived from the original on 2007-11-05. Retrieved 2007-10-31.CS1 maint: Archived copy as title (link)
  2. ^ Cuhaj, George S., ed. (2009). Standard Catalog of World Paper Money Specialized Issues (11 ed.). Krause. p. 1070. ISBN 978-1-4402-0450-0.
  3. ^ Markus A. Denzel (2010). Handbook of World Exchange Rates, 1590-1914. Ashgate Publishing. p. 599. ISBN 978-0-7546-0356-6. The piastre of 1839 contained 1.146 grammes of fine silver, the piastre of 1801 approximately 4.6 grammes of fine silver. The most important Egyptian coins, the bedidlik in gold (= 100 piastres; 7.487 grammes of fine gold) and the rial in silver (20 piastres; 23.294 grammes of fine silver)
  4. ^ Feteha, Ahmed; Shahine, Alaa (3 November 2016). "Egypt Free Floats Pound, Raises Lending Rates to Spur Economy". Bloomberg. Retrieved 3 November 2016.
  5. ^ "CBE not to impose restrictions on foreign currency exchange". Egypt Independent. 3 November 2016. Retrieved 3 November 2016.
  6. ^ "Wayback Machine". 10 December 2004. Archived from the original on 10 December 2004. Retrieved 15 October 2017.
  7. ^ "Nach Thund". Nachthund.biz. Archived from the original on 27 September 2007. Retrieved 15 October 2017.
  8. ^ ""المركزى": تراجع قيمة الجنيه لن يدفعنا لطرح ورقة نقدية من فئة 500 - اليوم السابع". Youm7.com. 15 September 2012. Retrieved 15 October 2017.
  9. ^ "Archived copy". Archived from the original on 2016-06-30. Retrieved 2016-05-30.CS1 maint: Archived copy as title (link)

Bibliography

External links

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The currency sign for the new shekel ⟨ ₪ ⟩ is a combination of the first Hebrew letters of the words shekel (ש) and ẖadash (ח) (new). It was previously known as the new Israeli shekel and the non-official abbreviation of NIS (ש"ח‎ and ش.ج‎) is still commonly used domestically to denominate prices and also appears on the Bank of Israel's web site. However, the official international currency code of the Israeli new shekel is ILS, as set by the International Organization for Standardization under ISO 4217.

Lebanese pound

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The mosque features on the 200 Egyptian pound banknote.

Palestine pound

The Palestine pound (Arabic: جُنَيْه فِلَسْطَينِيّ‎, junyah filastini; Hebrew: פֿוּנְט פַּלֶשְׂתִינָאִי א"י)), funt palestina'i (eretz-yisra'eli), also Hebrew: לירה א"י)) lira eretz-yisra'elit) was the currency of the British Mandate of Palestine from 1927 to May 14, 1948, and of the State of Israel between May 15, 1948, and June 23, 1952, when it was replaced with the Israeli lira. It was divided into 1000 mils (Arabic: مِل‎,; Hebrew: מִיל‎) and 1000 prutot (Hebrew: פרוטות) in Israel from 1949. The Palestine pound was also the currency of Transjordan until 1949 and was replaced by the Jordanian dinar, and remained in usage in the West Bank Governorate of Jordan until 1950.

Today, the currencies in use in the Palestinian territories are the Israeli new shekel and the Jordanian dinar.

Pound sign

The pound sign (£) is the symbol for the pound sterling—the currency of the United Kingdom and previously of Great Britain and the Kingdom of England. The same symbol is used for similarly named currencies, such as the Gibraltar pound, the Egyptian pound, the Syrian pound, etc. It is also sometimes used for currencies named lira, for example the now withdrawn Italian lira.

The symbol derives from a capital "L", representing libra pondo, the basic unit of weight in the Roman Empire, which in turn is derived from the Latin word, libra, meaning scales or a balance. The pound became an English unit of weight and in England became defined as the tower pound (equivalent to 350 grams) of fine (pure) silver. According to the Royal Mint Museum:

It is not known for certain when the horizontal line or lines, which indicate an abbreviation, first came to be drawn through the L. However, there is in the Bank of England Museum a cheque dated 7 January 1661 with a clearly discernible £ sign. By the time the Bank was founded in 1694 the £ sign was in common use.

However, the simple letter L, in lower- or uppercase, was used to represent the pound sterling in printed books and newspapers until well into the 19th century.

The pound sign is placed before the number (e.g. "£12,000") and separated from the following digits by no space or only a thin space.

The symbol ₤ (note the double dash at its middle) was called the lira sign in Italy, before the adoption of the euro. It was used (in free variation with £) as an alternative to the more usual L. or Lit. to show prices in lire. It was also used unofficially as the symbol of the Maltese lira instead of the official Lm.

In American English, the term "pound sign" usually refers to the symbol #, and the corresponding telephone key is called the "pound key". In Canadian English the symbols £ and # are both called the pound sign, but the # is also referred to as the "number sign" and the "noughts-and-crosses board".In the eighteenth-century Caslon metal fonts, the pound sign was identical to the italic capital "J" rotated 180 degrees.

Siege of Khartoum currency

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Sudanese pound

The Sudanese pound (Arabic: جنيه سوداني (Junaih Sudani) is the basic unit of the Sudanese currency. The pound consists of 100 piasters. The pound is issued by the Central Bank of Sudan. Its value is linked to gold and convertible into foreign currencies. There are no restrictions on money transfers to and from Sudan. The Sudanese pound is equivalent to $ 0.021. It has been pegged to the United States dollar since around 1984.

The pound fell for the first time since 1997 after the United States imposed economic sanctions on Sudan. The Sudanese pound continued its decline to an unprecedented number, falling to 53 pounds against the dollar. This situation, which drained all economic measures, led to heavy losses in the external repercussions of the Sudan as a whole, in the light of the government cut, interrupted by some of the failed actions announced by the Central Bank of Sudan, a severe shortage of liquidity.

The Sudanese pound fell against the US dollar after the Central Bank of Sudan announced the lifting of the cash reserve to counter inflation. Since the Secession of South Sudan in 2011, Sudan has suffered from a scarcity of foreign exchange for the loss of three quarters of its oil resources and 80% of foreign exchange resources. The Sudanese government quoted the official price of the dollar from 6.09 pounds to 18.07 pounds in the budget of 2018.

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Tourism is one of the leading sources of income, crucial to Egypt's economy. At its peak in 2010 the sector employed about 12% of Egypt's workforce serving approximately 14.7 million visitors Egypt, and providing revenues of nearly $12.5 billion. as well as contributing more than 11% of GDP and 14.4% of foreign currency revenues.

Western Asia

Western Asia, West Asia, Southwestern Asia or Southwest Asia is the westernmost subregion of Asia. The concept is in limited use, as it significantly overlaps with the Middle East (or the Near East), the main difference usually being the exclusion of the majority of Egypt (which would be counted as part of North Africa) and the inclusion of the Caucasus. The term is sometimes used for the purposes of grouping countries in statistics. The total population of Western Asia is an estimated 300 million as of 2015. Although the term "Western Asia" is mostly used as a convenient division of contemporary sovereign states into a manageable number of world regions for statistical purposes, it is sometimes used instead of the more geopolitical term "Middle East".

In an unrelated context, the term is also used in ancient history and archaeology to divide the Fertile Crescent into the "Asiatic" or "Western Asian" cultures as opposed to ancient Egypt. As a geographic concept, Western Asia includes the Levant, Mesopotamia, Anatolia, Iran, the Armenian Highlands, the South Caucasus, the Arabian peninsula as well as the Sinai Peninsula, making Egypt a transcontinental country.

The term is used pragmatically and has no "correct" or generally agreed-upon definition. The National Geographic Style Manual as well as Maddison's The World Economy: Historical Statistics (2003) by the Organisation for Economic Co-operation and Development (OECD) only includes Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Palestinian territories (called West Bank and Gaza in the latter), Saudi Arabia, Syria, Turkey, UAE, and Yemen as West Asian countries. In contrast to this definition, the United Nations Industrial Development Organization (UNIDO) in its 2015 yearbook also includes Armenia and Azerbaijan, and excludes Israel (as Other) and Turkey (as Europe).

Unlike the UNIDO, the United Nations Statistics Division (UNSD) excludes Iran from Western Asia and includes Turkey, Georgia, and Cyprus in the region. In the United Nation's geopolitical Eastern European Group, Armenia and Georgia are included in Eastern Europe, whereas Cyprus and East Thracian Turkey are in Southern Europe. These three nations are listed in the European category of the United Nations Educational, Scientific, and Cultural Organisation (UNESCO).

National members of West Asian sports governing bodies are limited to Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Syria, Oman, Palestine, Qatar, Saudi Arabia, United Arab Emirates, and Yemen. The Olympic Council of Asia's multi-sport event West Asian Games are contested by athletes representing these thirteen countries. Among the region's sports organisations are the West Asia Basketball Association, West Asian Billiards and Snooker Federation, West Asian Football Federation, and the West Asian Tennis Federation.

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See also
Egypt Egypt topics

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