Egyptian Pound (EGP)
Real-time tradable Forex prices
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Description:
The official currency of Egypt (Egyptian Pound) was pegged to the US dollar until 2000. Because of the severe economic crisis in Egypt the central bank was forced to devalue the EGP. While still trying to maintain a so-called managed peg to the dollar, the capital outflows from the country at last forced the central bank to let the EGP float almost freely in 2003. From 2000 to 2003 the EGP depreciated by almost 50 percent and is now traded at approximately 6.2 EGP per dollar.
1 Pound = 100 Piastres = 1000 Milliemes
FX chart data provided by Saxo Bank
Currency history:
Egypt was part of the Ottoman Empire until French occupation in July 1798 and British occupation in March 1801. British troops began occupying Egypt in 1882, and on December 14, 1914, the Egypt Sultanate was made a British protectorate. The Egyptian Kingdom was declared on March 16, 1922 and Egypt gained its full independence on November 14, 1936. Egypt was briefly united with Syria from February 22, 1958 to September 28, 1961 as part of the United Arab Republic.
Ottoman Empire Piastres (XOTP) were used in Egypt until 1834. The Turkish Lira was divisible into 100 Piastres, 4000 Paras or 12,000 Aspers. In 1805, the Piastre of Account (EGA) was introduced, making the Piastre divisible into 33 Medini, 99 Aspers or 264 Burbes. Mohammed Ali reformed the financial system in 1834, setting 1 Egyptian Piastre/Qirsh (EGQ) divisible into 40 Para and equal to 1/100 Pound.
Egypt adopted the Gold Standard on November 14, 1885, setting the Egyptian Pound equal to 1.025 British Pounds Sterling, and divisible into 100 Piastres. The National Bank of Egypt began issuing banknotes in 1898, but the notes were not legal tender until 1914. The Egyptian Pound traded at a slight premium to the British Pound with 1 Pound Sterling equal to 0.975 Egyptian Pounds. The Egyptian government has issued some small denomination notes, and the Central Bank of Egypt became the note-issuing authority in 1961.
Historical data source: Global Financial Data
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